Market Updates
Mortgage Market Index Drops to 22-year Low
Brian Turner
08 Jun, 2022
New York City
Total mortgage application volume declined 6.5% to 288.4 for the week ending June 3 from the previous week and plunged 55% from a year ago to 288.4, according to the Mortgage Bankers Association's seasonally adjusted index.
The Refinance Index declined 6% from the previous week and dropped a whopping 75% from a year ago and the seasonally adjusted Purchase Index dropped 7% from the previous week and dropped 21% from a year ago.
The housing market slow down is in full swing after 30-year fixed rate mortgage rates in the week ending on June 3 rose to 5.4% from 5.33% in the previous week, according to the MBA release.
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