Even though mortgage interest rates moved lower again last week, application activity continued to decline. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 2.3 percent on a seasonally adjusted basis and 3.0 percent before adjustment during the week ended May 27. The Refinance Index fell another 5 percent from the previous week, leaving it down by 75 percent from its level during the same week in 2021.
2021 promises to be a big year for the appraisal profession. The coronavirus pandemic forced appraisers to quickly adapt, and we had to tackle a