Mortgage Purchase And Refinancing Applications Fall

Purchase applications are not showing any acceleration but levels are still favorable. The purchase index slipped for a third week in a row, down 1.0 percent in the May 24 week yet ongoing year-on-year growth (getting a boost from last year's weakness) is unchanged at a very strong 7.0 percent. The refinance index fell 6.0 percent after jumping 8.0 percent in the prior week making for a 3.3 percent overall decline in the May 24 composite index. Rates are low and favorable, unchanged in the week at 4.33 percent for conventional 30-year fixed mortgages.