Mortgage application volume fell 3.4% during the week ended May 26, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 6%, while applications for purchases decreased 1%, according to the report.
On an unadjusted basis, total volume fell 4% compared with the previous week. Applications for purchases fell 3% on an unadjusted basis but increased 7% compared with the same week one year earlier.
The refinance share of mortgage activity decreased to 43.2% of total applications. It was 43.9% the previous week.
The adjustable-rate mortgage share of activity decreased to 7.7% of total applications.
The average rate for a 30-year, fixed-rate mortgage, based on contract signings, was 4.17%, unchanged from the previous week.