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Financial News: U.S. Mortgage Applications Pulled Back Sharply Last Week

U.S. Mortgage Applications Pulled Back Sharply Last Week

05/29/2024 - 08:17:00 (RTTNews)

(RTTNews) - The Mortgage Bankers Association released a report on Wednesday showing a sharp pullback by U.S. mortgage applications in the week ended May 24th.

The MBA said the Market Composite Index, a measure of mortgage loan application volume, plunged by 5.7 percent last week after jumping by 1.9 percent in the previous week.

"Mortgage rates increased for the first time in four weeks, with the 30-year fixed rate up to 7.05 percent and all other loan types also seeing increases," said Joel Kan, MBA's Vice President and Deputy Chief Economist.

"The uptick in rates led to a decline in mortgage applications heading into Memorial Day weekend," he added. "Both purchase and refinance applications fell, pushing overall activity to the lowest level since early March."

The report said the Refinance Index plummeted by 14 percent compared to the previous week, while the Purchase Index decreased 1 percent from one week earlier.

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