Mortgage application volume plummeted 4.2% on an adjusted basis during the week ended May 21, as mortgage rates edged up slightly, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Applications for refinances fell 7% compared with the previous week while applications for purchases increased 2%.
Year-over-year, applications for refinances were down 9% while applications for purchases were down 4%.
On an unadjusted basis, total volume decreased 4% compared with the previous week.
