Mortgage application activity retreated again during the holiday-shortened week ended May 30. The Mortgage Bankers Association (MBA) said that mortgage applications as measured by its Market Composite Index decreased during the week by 3.1 percent on a seasonally adjusted basis and were down 14 percent on a non-seasonally adjusted basis. The week’s results were adjusted to account for the Memorial Day holiday (but can’t adjust for the fact that some Americans will have added a day or two to the long weekend for family vacations and the like).

The Refinance Index was 3 percent lower than during the week ended May 23 but the market share of refinancing increased to 53 percent from 52 percent of all applications.