After two straight weeks of increases, mortgage applications dropped 4.2% for the week ending May 21, 2021, according to the Mortgage Bankers Association‘s weekly mortgage applications survey.

“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Kan noted that refinances decreased as well — by 7%, and 9% lower year over year — driven by declines in both conventional and government refinance activity.

“And purchase applications details ⇒

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