Mortgage applications dropped 8.5% w/w (+10.1% y/y) in the week ending May 22, after having declined 2.3% w/w (+18.9% y/y) in the week ending May 15, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Applications for loans to purchase a house edged down 0.4% w/w (+4.7% y/y) in the latest week, after dropping 4.1% w/w (+8.0% y/y) in the May 15 week. Applications for loan refinancing plunged 18.1% w/w (+18.9% y/y) in the May 22 week, following a small decline of 0.1% w/w (+34.8% y/y) in the May 15 week.

The effective interest rate on a 30-year fixed-rate loan rose 11bps to 6.84% in the week ending May 22 from 6.73% in the week ending May 15. The rate on 15-year fixed-rate mortgages rose 7bps to 6.18% in the May 22 week from 6.11% in the May 15 week. The 30-year Jumbo rate rose 11bps to 6.80% in the latest week from 6.69% in the May 15 week. The rate on a 5-year ARM rose 4bps to 6.11% in the May 22 week from 6.07% in the May 15 week.

 

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