Mortgage Activity Remains Low in May

The Market Composite Index, a measure of mortgage loan application volume by Mortgage Bankers Association’s (MBA) weekly survey, has been hovering around 200 since October 2022 as higher mortgage rates and low resale inventory continue to hamper potential buyers. On a week-over-week change, total mortgage, purchasing, and refinancing activities decreased 5.2%, 4.4% and 6.8%, respectively,…