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