By Jann Swanson
Posted To: MND NewsWire
Mortgage applications declined overall for the fifth straight week even though there was a slight uptick in applications for purchase mortgages. The Mortgage Bankers Association (MBA) said that its Market Composite Index, a measure of mortgage application volume, declined by 1.6 percent on a seasonally adjusted basis during the week ended May 22. On an unadjusted basis the volume was down 2 percent compared to the week ended May 15. The Refinance Index fell 4 percent from the previous week and the share of applications that were for refinancing dropped for the sixth consecutive week to 51 percent, one percentage point below the refinancing share a week earlier. Applications for home purchases rose 1 percent on a seasonally adjusted basis but were unchanged from the previous week on an unadjusted…(read more)
Via:: Ebbing Refinance Demand Weighs on Mortgage Applications
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