Financial News: U.S. Mortgage Applications Tumble For Second Straight Week

U.S. Mortgage Applications Tumble For Second Straight Week

06/05/2024 - 09:34:00 (RTTNews)

(RTTNews) - Mortgage applications in the U.S. tumbled for the second consecutive week in the week ended May 31st, according to a report released by the Mortgage Bankers Association on Wednesday.

The MBI said mortgage applications plunged by 5.2 percent last week after plummeting by 5.7 percent in the previous week.

"Mortgage rates moved slightly higher last week, with the 30-year conforming rate reaching 7.07 percent - its highest level since early May - despite incoming data indicating somewhat slower economic growth," said Mike Fratantoni, MBA's SVP and Chief Economist.

He added, "After adjusting for the Memorial Day holiday, both purchase and refinance application volumes were down, with purchase activity specifically 13 percent below last year's level."

The report said the Refinance Index slumped by 7 percent from the previous week, while the Purchase Index fell by 4 percent from one week earlier.

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