U.S. Mortgage Applications Decline 4.2%

Mortgage applications in the United States declined last week, despite the remaining historically low interest rates, data showed on Wednesday.

The seasonally adjusted Purchase Index fell by 4.2% in the week ended May 21 on a weekly basis, according to the Mortgage Bankers Association (MBA).

Data showed a 7.2% decrease in applications, following rising by 1.7% in the week before.

It is worth noting that the average fixed interest rate on the 30-year mortgage rose to 3.18% on a weekly basis from 3.15%.