Applications for mortgage loan refinancing decreased 5.8 percent over the week ending May 24, according to the Mortgage Bankers Associationâ??s refinance index, when tracked as a 4-week moving average.
The seasonally adjusted purchase index decreased by 0.6 percent during the same period.
Additional detail:
- The market volume index for all mortgage loan applications contracted 4.64 percent from one week earlier when tracked as a 4-week moving average.
- In addition to a decline in overall applications activity, the share of loan applications for refinance decreased from 73.8 percent one week earlier to 70.9 percent in the week ending May 24.