Applications for mortgage loan refinancing decreased 11.48 percent over the week ending May 31, according to the Mortgage Bankers Association's refinance index, when tracked as a four-week moving average.
The seasonally adjusted purchase index decreased by 1.57 percent during the same period.
Additional detail:
- The market volume index for all mortgage loan applications contracted 9.2 percent from one week earlier when tracked as a four-week moving average. In addition to a decline in overall applications activity, the share of loan applications for refinance decreased from 70.9 percent one week earlier to 68.1 percent in the week ending May 31.