The latest round of the Mortgage Bankers Association's (MBA) Weekly Application Survey showed a decline in its benchmark Market Composite Index for the week ending on May 29 by 3.9% from the previous week on a seasonally adjusted basis. Refinancing activity, fell sharply from the previous week by 8.6%. However, purchase application activity rose by 5.3%. Continuing the trend that had begun in the second week of April, purchasing activity posted an even higher year-over-year gain this week had, indicating a moderate rise in home buying activity compared to last year.
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