General World News

Mortgage apps decline 1.2% despite drop in rates

Despite a decline in mortgage rates last week, mortgage application volume was down 1.2% on a seasonally adjusted basis for the week ending May 20. The decline, as measured by the Mortgage Bankers Association’s (MBA’s) Market Composite Index, continued to be led by a drop in the refinance share of mortgage activity, which has been consistent for more than two months. 

“The 30-year fixed rate declined for the second straight week to 5.46% but remains well above what borrowers were used to over the past two years,” Joel Kan, associate vice president of economic and industry forecasting at MBA details ⇒

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