After three weeks
of gains, refinancing activity fell last week, pulling overall mortgage volume lower.
The Mortgage Bankers Association (MBA) says its Market Composite Index, a
measure of mortgage loan application volume, decreased 4.2 percent on a
seasonally adjusted basis during the week ended May 21 and was down 4.0 percent
from one week earlier. The Refinance
Index dropped 7 percent from the previous week and was 9 percent lower year-over-year.
Refinancing’s share of mortgage applications decreased to 61.4 percent of total
applications from 63.3 percent during the week ended May 14. . The seasonally
adjusted Purchase Index gained 2 percent compared to the previous week. On an
unadjusted basis it was 1 percent higher week-over-week but lost 4 percent
compared to the same period in 2020.