Mortgage Applications Dip in May amid Refinance Slowdown
Mortgage applications dropped by 5.5% in May, mainly due to a sharp decline in refinancing activity, according to the Mortgage Bankers Association. While overall application volume is still 23.7% higher than a year ago, the average 30-year fixed mortgage rate rose to 6.9%. Purchase applications showed slight growth, but refinancing fell by 13.7% month-over-month despite being significantly higher than last year.
