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.”