application activity slowed further during the week ended June 4, a short business
week due to Monday’s Memorial Day holiday. The impact of the holiday was
magnified in annual comparisons because it occurred a week earlier in 2020. The
Mortgage Bankers Association said its Market Composite Index, a measure of
mortgage application volume, decreased 3.1 percent on a seasonally adjusted
basis compared to the prior week and was down 13 percent on an unadjusted
basis. The
Refinance Index decreased 5 percent from the previous week and was 27 percent
lower than the same week one year ago. Refinancing made up 60.4 percent of application
activity during the week. The share the previous week was 61.3 percent. The
seasonally adjusted Purchase Index ticked up 0.3 percent from one week earlier
but was 11 percent lower on an unadjusted basis from the previous week and
declined 24 percent from activity a year earlier.  

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