The Mortgage Bankers Association (MBA) informed Wednesday that the
mortgage application volume in the U.S. fell 1.2 percent in the week ended May 20,
following an 11.0 percent tumble the week before. This represented the second
straight weekly decrease in total mortgage application volume.
According to the MBA’s data, last week’s plunge was due to a 3.9 percent
decline in mortgage refinance applications. Meanwhile, mortgage applications to
purchase a home showed a 1.2 percent increase for the week.
The data also revealed that the average fixed
30-year mortgage rate decreased from 5.49 percent to 5.46 percent, its lowest level in
three weeks.