Mortgage application activity slowed again for the week ending May 29, according to data from the Mortgage Bankers Association (MBA). This week’s results include an adjustment for the Memorial Day holiday.
The Market Composite Index, the MBA’s measure of mortgage loan application volume, decreased 2.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index dropped 13%.
The seasonally adjusted Purchase Index was down by 3% from one week earlier while the unadjusted index fell 14%, although it was also 7% higher than the same week one year ago.
The Refinance Index dipped by 2% from the previous week and was 20% higher than the same week one year ago. The refinance share of mortgage activity increased to 38.0% of total applications from 37.5% one week earlier.
Among the federal programs, the FHA share of total applications dipped to 17.0% from 17.2% the week prior while the VA share of total applications increased to 14.4% from 13.2% and the USDA share of total applications remained unchanged at 0.5%.
“The prospect of easing energy prices given the evolving situation in the Middle East brought mortgage rates slightly lower last week. The retreat in rates, however, did not lead to an increase in mortgage applications,” said Joel Kan, MBA’s vice president and deputy chief economist. “Purchase applications remained ahead of 2025’s pace but were at its slowest weekly pace since April, and refinance activity was at its weakest since last June.”
0 Comments