Mortgage Applications Declined 5.7% in Week Ending May 24

Washington, DC, May 29, 2024-Mortgage applications decreased 5.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 24, 2024.

The Market Composite Index, a measure of mortgage loan application volume, decreased 5.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.3% compared with the previous week. The Refinance Index decreased 14% from the previous week and was 12% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 1% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 10% lower than the same week one year ago.