Fewer prospective borrowers were applying for new mortgages during the most recent week, and both refinancing and purchase financing activity were impacted.
A benchmark for residential loan application activity, the Market Composite Index, declined 4 percent from one week earlier in the week that ended on May 27.
The index was seasonally adjusted. Even without any adjustments for seasonal factors, the index still descended by 5 percent from the week that ended on May 20.
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From:: Financing