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Mortgage Apps Increased Slightly, Refis Up 3 Percent
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Demand For Mortgages Rebounds After 3 Weeks Of Declines: MBA
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Demand for mortgages slipped last week as requests to refinance slowed, outweighing the impact of a slight increase in purchase loan applications.
For the week ending June 4, the Mortgage Bankers Association’s Weekly Mortgage Applications Survey showed requests for all types of mortgages falling by a seasonally adjusted 3.1 percent from the week before, and dropping 27 percent from a year ago.
Requests for purchase loans were up a seasonally adjusted 0.3 percent from the week before, but down 24 percent from the same time a year ago. Applications to refinance were down 5 percent week-over-week, and 27 percent lower than the same week one year ago.
Inman Connect
Demand for mortgages dropped during the last week of May to levels not seen since before the pandemic, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
After adjusting for seasonal patterns, requests for purchase loans were down 3 percent from the week before, and 2 percent from a year ago (the week of Memorial Day 2020). Demand for refinancing was down 5 percent from the week before, but 6 percent higher than a year ago.
Joel Kan
“Mortgage applications decreased for the second week in a row, with the overall index reaching its lowest level since February 2020,” the MBA’s Joel Kan said in a statement. “Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continue to hold back purchase activity.”