Mortgage demand ticked up last week as interest rates declined for a second week in a row. Applications increased by 0.5% on a seasonally adjusted basis during the week ending May 10, according to the Mortgage Bankers Association's (MBA) weekly mortgage applications survey.
Purchase loan application volume decreased by 2% from one week earlier, driven largely by a 9% drop in Federal Housing Administration (FHA) purchase loan applications.
The MBA's refinance index increased 5% from the previous week and was 7% higher than the same week one year ago. But the overall level of refinance activity remains low, Kan said.
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