The Mortgage Bankers Association (MBA) released its weekly Mortgage Applications Survey on Wednesday, which shows a drop in the number of mortgage applications filed during the week ending May 25.
According to the MBA’s report, the Market Composite Index—a measure of mortgage loan volume—dropped 7.3-percent on a seasonally-adjusted basis to 636.4, compared to 686.2 a week earlier. On an unadjusted basis, the Index decreased 7.4-percent when compared to the prior week and rose 17-percent when compared to the same week a year earlier.
Meanwhile, the Refinance Index dropped 13-percent to 1,874.6 from 2,154.7 the previous week, and the seasonally-adjusted Purchase Index fell 2.5-percent to 427 from 438.1 a week earlier.