Mortgage applications in the week ending May 27 declined to their lowest level in more than three years, according to the Mortgage Bankers Association (MBA).
The Market Composite Index, a measure of mortgage loan application volume, fell by 2.3 percent on a seasonally adjusted basis for the May 27 week compared to the week prior, a June 1 MBA press release said. The seasonally adjusted mortgage Purchase Index declined by 1 percent for the week. The unadjusted Purchase Index fell by 2 percent from the previous week and was 14 percent lower when compared to the same week a year ago.
“Mortgage rates fell for the fourth time in five weeks, as concerns of weaker economic growth and the recent stock market sell-off drove Treasury yields lower,” said Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting….