MBA: Refinance Activity Fell Last Week

ge loan application volume dropped 16.2% on a seasonally adjusted basis from last week, according to the Mortgage Bankers Association's Weekly Mortgage Application Survey for the week ending May 29. The Market Composite Index was 658.7, down from 786.0 one week earlier. This week's results include an adjustment to account for the Memorial Day holiday. On an unadjusted basis, the index decreased 32.5% compared with the previous week and increased 14.4% compared with the same week one year earlier. The Refinance Index also decreased, falling 24.1% to 2953.6 from 3890.4 the previous week, and the seasonally adjusted Purchase Index increased 4.3% to 267.7 from 256.6 one week earlier. The refinance share of mortgage activity decreased to 62.4% of total applications from 69.3% the previous week. The adjustable-rate mortgage share of activity increased to 3% from 2.6% of total applications from the previous week. SOUR

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