Applications for mortgage loan refinancing decreased 2.31 percent over the week ending May 17, according to the Mortgage Bankers Association's refinance index, when tracked as a four-week moving average.
The seasonally adjusted purchase index decreased by 1.52 percent during the same period.
Additional detail:
- The market volume index for all mortgage loan applications contracted 2.16 percent from one week earlier when tracked as a four-week moving average. Of note, week-earlier levels represented the index's highest point in 2013.
- In addition to a decline in overall applications activity, the share of loan applications for refinance decreased from 75.5 percent one week earlier to 73.8 percent in the week ending May 17.