Mortgage application volume for the week ending June 3 dropped 6.5%, sliding to the lowest level in 22 years, driven by weakness in purchase and refinance applications.

Despite the recent decline in mortgage rates, they were not low enough to spur refinance activity, which led to the decline of the Mortgage Bankers Association‘s (MBA’s) Market Composite Index. The refinance index dropped 6% from the previous week and was 75% lower than the same week a year ago. According to the MBA, the seasonally adjusted purchase index fell 7% from one week earlier. 

“Weakness in both purchase and refinance applications pushed the details ⇒

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