Mortgage Applications Dip in May amid Refinance Slowdown
Mortgage applications fell 5.5% in May, mainly due to a sharp 13.7% drop in refinancing activity, even as purchase applications rose slightly by 1.3%. The average 30-year mortgage rate climbed to 6.9%, the second straight monthly increase. Despite the dip, overall application volume remains significantly higher than a year ago, with both purchase and refinance activity up compared to May 2024.
