Market Updates

Weekly Mortgage Applications Declined 5.7%

Brian Turner
17 May, 2023
New York City

    Applications for new mortgages declined 5.7% in the week ending on May 12, reversing an increase of 6.3% in the previous week, reported Mortgage Bankers Association Wednesday. 

    Seasonally adjusted composite index declined from the previous week and unadjusted index decreased 6.0%.

    The Refinance Index decreased 8% from the previous week and was 43% lower than the same week one year ago. 

    The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $726,200 or less increased to 6.57% from 6.48%, with points including origination fee held at 0.61% for 80% loan-to-value ratio loans.

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