Mortgage applications in the United States increased by 1.9% on a seasonally adjusted basis for the week ending May 17, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey revealed on Wednesday.
The Purchasing Index declined from the past week's 141.7 to 140.0. On the other hand, the Mortgage Market Index grew from 198.1 noted seven days ago to 201.9. Meanwhile, the Mortgage Refinance Index came in at 536.9, up from 499.9 registered week-on-week.
The 30-year mortgage rate decreased from 7.08% to 7.01%.