Mortgage Applications Fell Last Week: MBA

Mortgage applications fell 1.6% on an adjusted basis from a week earlier, according to a weekly survey by the Mortgage Bankers Association.

The Market Composite Index, which measures mortgage-loan application volume, fell 2% on an unadjusted basis for the week ending May 22, compared to a week earlier. In the MBA's most-recent Builder Application Survey, applications for new-home purchases rose by 0.3% in April, compared to March.

The MBA's refinance index for the week ending May 22 fell 4% from the previous week. As a percentage of all mortgage activity, refinancings fell to 51% from 52%.

The average interest rate for a 30-year fixed-rate mortgage with conforming loan balances rose 3 basis points to 4.07%. The same mortgage type with jumbo loan balances rose 2 basis points to 4.06%.

For reprint and licensing requests for this article, click here.
Originations Jumbo mortgages Housing Underwriting
MORE FROM NATIONAL MORTGAGE NEWS