The number of borrowers looking for a home loan fell to a one-month low, the Mortgage Bankers Association said.
The Washington-based group’s seasonally adjusted measure on mortgage applications for home purchase and refinancing declined by 3.3% to 411.5 in the week ended May 24. This was the lowest level since the week of April 26.
“Concerns over European economic growth and ongoing uncertainty about a trade war with China were some of the main factors that kept mortgage rates low last week,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement.