As interest rates on home loans declined to a six-month low, weekly applications for mortgage refinances accelerated. But purchase financing activity was weaker.
A measure of mortgage application volume, the Market Composite Index, rose a seasonally adjusted 4 percent in the week ended May 19 from the prior week.
But the improvement in retail residential loan applications was just 3 percent from the preceding week when seasonal factors are excluded from the index calculation.
Source: Mortgage Daily