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US mortgage applications down 2.7%

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US mortgage applications down 2.7%

U.S. mortgage applications registered a sixth straight weekly decline as both purchase and refinance applications decreased from the previous week.

The seasonally adjusted market composite index, a measure of mortgage loan application volume, fell by 2.7% in the week May 11 from the previous week, while the unadjusted index was down 3%.

Refinancing applications dropped to their lowest level since August 2008, with the index decreasing by 4%. The refinance share of mortgage activity also slipped to its lowest level since August 2008, falling to 35.9% of total applications from 36.3% in the previous week.

The seasonally adjusted purchase index declined by 2%. The unadjusted index was down 2% from a week earlier but was up 4% from the same week a year ago.