Mortgage applications dropped for the second straight week, this time down 4% for the week ending May 28, 2021, according the Mortgage Bankers Association‘s weekly mortgage applications survey.

This week’s data was compared to mortgage applications from the week of Memorial Day in 2020.

The overall housing index hit its lowest point since February, said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

“Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continue to hold back purchase activity,” Kan said. “The government purchase index declined to its details ⇒

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