Weekly demand for mortgage loans continues its trend of being consistently inconsistent.
According to the Mortgage Bankers Association's weekly survey, mortgage applications decreased 7.6% on a seasonally adjusted basis
The survey, which measured the week ending May 29, also found that on an unadjusted basis applications fell 17% week-over-week.
For the first time in over a year, purchase demand outweighed refinances. Refi apps decreased 12% to 49% of total application activity, its lowest percentage since May 2014, the MBA's report said.
The seasonally adjusted purchase index declined 3% while the unadjusted purchase index fell 14%. Purchases were also 14% higher the same time a year ago.
As with demand interest rates also declined this week. The average for 30-year fixed-rate mortgages with conforming ($417,000 or less) loan balances decreased five basis points, to 4.02%. Rates on jumbo balances (greater than $417,000) for 30-year fixed-rate mortgages, likewise, decreased five basis points, to 4.01%, from the week before.
