Mortgage Applications Fall 3.1% From The Previous Week
Katie Jensen
Jun 09, 2021
With fewer homeowners able to take advantage of lower rates, the refinance share dipped to the lowest level since April.
KEY TAKEAWAYS
Mortgage applications fell by 3.1% on an adjusted basis. On an unadjusted basis, the Index decreased 13% compared to the previous week.
The Refinance Index decreased 5% from the previous week and fell by 27% year-over-year.
The Purchase Index increased by 0.3% from a week earlier.
The average contract interest rate for 30-fixed-rate mortgages with conforming loan balances decreased to 3.29% from 3.34% a week earlier.
For the week ending on June 4, 2021, mortgage applications fell by 3.1%, according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey. These results are adjusted for the Memorial Day holiday. On an unadjusted basis, the Index decreased 13% compared to the previous week.
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.
MBA: Confluence of Factors Hold Back Purchase Activity mortgageorb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgageorb.com Daily Mail and Mail on Sunday newspapers.