Mortgage loan applications have fluctuated in recent weeks, particularly following the release of strong economic indicators. The Mortgage Bankers Association (MBA) most recent Market Composite Index (MCI) showed that mortgage loan applications had decreased by 4.6% for the week ending May 19 compared to the week prior.
The MCI also revealed that refinance applications decreased by 1% from the week prior, while purchase applications decreased by 7%. This marks the largest decrease in total mortgage loan applications in the last forbnight. Refinance applications are still performing better than third-party calculator forecasts however, leading many analysts to forecast a continued low mortgage rate environment in the months to come.
The most important elements of this report are:
* Mortgage loan applications decreased by 4.6% in the week ending May 19 compared to one week earlier
* Refinance applications decreased by 1%, while purchase applications decreased by 7%
* Refinance applications are still performing better than third-party calculator forecasts
* Analysts forecast a continued low mortgage rate environment in the months to come
You can read this full article at: https://www.housingwire.com/articles/mortgage-apps-decline-as-rates-hit-the-7-mark/(subscription required)
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