Friday, March 29, 2024 | The Latest Buzz for the Appraisal Industry

Mortgage Applications Tumble on Slightly Higher Rates

Mortgage application volume plummeted 4.2% on an adjusted basis during the week ended May 21, as mortgage rates edged up slightly, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.

Applications for refinances fell 7% compared with the previous week while applications for purchases increased 2%.

Year-over-year, applications for refinances were down 9% while applications for purchases were down 4%.

On an unadjusted basis, total volume decreased 4% compared with the previous week.

This post was originally published on this site

Brent Bowen

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