US MBA mortgage applications w.e. 23 May -1.2% vs -5.1% prior

• Prior -5.1%
• Market index 235.7 vs 238.5 prior
• Purchase index 162.1 vs 157.8 prior
• Refinance index 634.1 vs 682.5 prior
• 30-year mortgage rate 6.98% vs 6.92% prior

The slight drop in mortgage applications in the past week is led by a decline in refinancing activity, partially offset by higher purchase activity. But with rates still keeping on the higher side, that will put pressure on the market if it stays that way in the weeks/months to come.

This article was written by Justin Low at www.forexlive.com.