FINWIRES · TerminalLIVE
FINWIRES

MBA US Mortgage Applications Decline Further in Week Ended May 29 Despite Lower Mortgage Rates

By

Mortgage applications fell by 2.5% in the week ended May 29 despite a decline in 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.

This follows an 8.5% decrease in overall activity in the week ended May 22.

Applications for refinancing loans fell by 2%, while new purchase applications declined by a seasonally adjusted 3%.

The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less fell to 6.57% from 6.65% in the previous week.

"The prospect of easing energy prices given the evolving situation in the Middle East brought mortgage rates slightly lower last week," said Joel Kan, MBA's vice president and deputy chief economist. "The retreat in rates, however, did not lead to an increase in mortgage applications. Purchase applications remained ahead of 2025's pace but were at its slowest weekly pace since April, and refinance activity was at its weakest since last June."

Related Articles

International

ANZ Lifts New Zealand Farmgate Milk Price Forecast for Upcoming Season

ANZ lifted its New Zealand farmgate milk price forecast for the 2026-2027 season to NZ$9.20 per kilogram of milk solids from NZ$8.70, with good dairy commodity prices and a favorable exchange rate, according to a report released Wednesday.Dairy markets are in a relatively good place at the onset of the new season following recent volatility, with product prices starting to stabilize near current levels, the report said.However, dairy prices are anticipated to weaken over the next few months due to strong milk production in all major exporters.Input costs are expected to be higher in the next season following two years of stable costs of production as a result of the conflict in the Middle East and the closure of the Strait of Hormuz, per the report.

^NZ50
International

Vietnam's Annual Inflation Rate Accelerates to 5.60% in May

Vietnam's annual inflation rate rose to 5.60% in May from 5.46% in the prior month, according to data from the General Statistics Office published on Wednesday.Monthly, the CPI edged up 0.29%, the data showed.The core inflation rate rose to 4.67% in May from a year earlier and increased 0.34% from the previous month.

^HNX^HOSE
International

Vietnam's Retail Sales Rise 11.8% in May

Vietnam's retail sales jumped 11.8% annually to 647.1 trillion Vietnamese dong in May, the National Statistics Office of Vietnam said Wednesday.The pace of growth eased from 12.1% in April and missed analysts' forecast of 13%, according to Trading Economics data.For the first five months of the year, the country's retail sales and consumer service revenue increased 11.2% year over year to about 3,185 trillion dong, with real growth of 6.1% after inflation adjustment.

^HNX^HOSE