US mortgage applications fall for third straight week
Mortgage applications in the US fell for the third straight week last week, according to the Mortgage Bankers Association, with both refinancing and new loan volumes falling sharply.
Source: Sharecast
The volume of applications declined by 3.9% over the seven days to 30 May, following a 1.2% fall the preceding week and a 5.1% slump the week before that.
Weekly applications have now fallen six times over the past eight weeks.
Home loan refinancing applications were 3.6% lower than the week before, while new purchase applications fell 4.4%.
The drop came after long-term mortgage rates jumped to their highest in four months the week before, on the back of a surge in US bond yields. However, fixed rates on 30-year mortgages retreated by 6 basis points to 6.92% in the week to 30 May.
"Refinance activity fell across both conventional and government segment and the overall average refinance loan size was the smallest since July 2024, as potential borrowers hold out for larger rate drops," said Joel Kan, an economist at MBA.
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