Holiday Trumps Rates as Mortgage Applications Tumble

Posted To: MND NewsWire

The week ended May 29 was another of those holiday shortened weeks when the most relevant comment that can be made about mortgage application numbers is probably ‘Never mind!” The Mortgage Bankers Association said that mortgage applications, as measured by its Market Composite Index, dropped by 17 percent from the previous week on a non-seasonally adjusted basis and were 7.6 percent lower when seasonally adjusted. The week’s results include an adjustment to account for the Memorial Day holiday. The Refinance Index decreased 12 percent from the previous week and the refinance share of all applications fell back to 49 percent from 51 percent, the lowest share since May 2014. . The seasonally adjusted Purchase Index decreased 3 percent from the week ended May 22. The unadjusted Purchase Index…(read more)

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Source: Mortgage News Daily

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