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Mortgage applications drop 4% on higher rates in latest MBA survey

by John Yellig

Mortgage applications fell 4.2% on a week-over-week, seasonally adjusted basis in the week ended May 21, while the 30-year fixed mortgage rate rose to 3.18% from 3.15%, the Mortgage Bankers Association said, citing its Market Composite Index.

On an unadjusted basis, the index slid 4%.

The refinance index, meanwhile, fell 7% from the previous week and was down 9% from the same week a year ago.

The seasonally adjusted purchase index rose 2% from the previous week, while the unadjusted purchase index was up 1% on a weekly basis and down 4% on yearly basis.

“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices,” MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said in a release.

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