Mortgage apps dropped 2.3% for the week ending May 27, decreasing to the lowest level since December 2018, as measured by the Mortgage Bankers Association’s (MBA) Market Composite Index.
“Mortgage rates fell for the fourth time in five weeks, as concerns of weaker economic growth and the recent stock market sell-off drove Treasury yields lower,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Mortgage applications decreased to its lowest level since December 2018, as the purchase market continues to struggle with supply and affordability challenges.”
The decline was propelled by the shrinking refi market led by larger decreases details ⇒
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