Mortgage Applications And Refinancing Decline

Mortgage activity slowed in the May 27 week, with purchase applications for home mortgages falling 5 percent and refinancing 4 percent. Despite the weekly decline, the purchase index is a towering 28 percent higher than it was a year ago. The rate on the average 30-year mortgage for conforming loans ($417,000 or less) remained unchanged at 3.85 percent.