The latest round of the Mortgage Bankers Association’s (MBA) Weekly Application Survey showed a decline in its benchmark Market Composite Index for the week ending on May 29 by 3.9% from the previous week on a seasonally adjusted basis. Refinancing activity, fell sharply from the previous week by 8.6%.
However, purchase application activity rose by 5.3%. Continuing the trend that had begun in the second week of April, purchasing activity posted an even higher year-over-year gain this week had, indicating a moderate rise in home buying activity compared to last year.
This week also marks a record low reached by the Primary Mortgage Market Survey’s 30-year, fixed-rate mortgage rate in the MBA’s survey, decreasing by 5 basis points from the previous week to 3.37%. Despite the all-time low, refinancing experienced the seventh consecutive week of decline in activity.
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