US MBA mortgage applications w.e. 16 May -5.1% vs +1.1% prior

• Prior +1.1%
• Market index 238.5 vs 251.2 prior
• Purchase index 157.8 vs 166.5 prior
• Refinance index 682.5 vs 718.1 prior
• 30-year mortgage rate 6.92% vs 6.86% prior

This is never a market moving release. Of course, as long term interest
rates rise, mortgage applications fall. The mortgage market index and
the US30Y yield are inversely correlated.

This article was written by Giuseppe Dellamotta at www.forexlive.com.