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Even though mortgage interest rates moved lower again last week, application activity continued to decline. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 2.3 percent on a seasonally adjusted basis and 3.0 percent before adjustment during the week ended May 27. The Refinance Index fell another 5 percent from the previous week, leaving it down by 75 percent from its level during the same week in 2021. Refinancing made up 31.5 percent of the application volume. It had a 32.3 percent share the previous week. [refiappschart] ...

Mortgage rates fell for the fourth time in five weeks amid economic worries

Mortgage applications are down again even though interest rates also dropped for the second straight week, according to the Mortgage Bankers Association’s weekly report. According to the Weekly Applications Survey, applications fell 1.2% from a week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week.  The  Refinance Index Rate also decreased by 4% from the previous week and was 75% lower than the same week one year ago. 

The downward trend in existing home sales held firm in April as rising price tags and mortgage rates continued to strain buyer activity, according to a new report from NAR.

It’s a tough environment for anyone who wants to buy a house. Record low inventory and peak prices leave few options, besides overbidding — which drives prices higher. That could end as mortgage rates increase.