The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. dropped 5.2 per cent
in the week ended May 31, following a 5.7 per cent tumble the week before.
According to
the MBA’s data, last week’s decline in mortgage applications reflected a 6.8 per cent plunge in mortgage
refinance applications and a 4.4 per cent fall in mortgage applications to purchase a home.
The report also revealed that the average fixed
30-year mortgage rate rose from 7.05 per cent to 7.07 per cent, the highest
level in three weeks.