Mortgage Applications Down for Third Straight Week

Source: Mortgage Bankers Association

Mortgage loan applications declined further last week, as fewer homeowners had the capacity to avail of the lower rates. 

• The Market Composite Index fell 3.1% in the week ending June 4 versus the previous one. This is the third consecutive week of declines since May 26.
• The unadjusted Market Composite Index declined 13% week-on-week.
• The Refinance Index fell 5% week-on-week and 27% year-on-year.
• The refinance share dropped to 60.4% of total applications from 61.3%. This is the lowest level since April.
• The Purchase Index gained 0.3% week-on-week while the unadjusted index fell 11% week-on-week and 24% year-on-year.
• Purchases were slightly up within the seven days but were dragged by the Memorial Day holiday.
• The average loan size fell to $407,000 versus February’s record $418,000. This is still higher than the average $353,900 in 2020.