WASHINGTON, June 5 (Xinhua) -- Mortgage applications in the United States edged up, but trade concerns dragged down purchase activities, according to a report from Mortgage Bankers Association (MBA) on Wednesday.
For the week ending May 31, MBA's market composite index, a measure of mortgage loan application volume, rose 1.5 percent from a week earlier.
However, MBA's purchase index before seasonal adjustment dropped 14 percent from the previous week. After removing the influences of predictable seasonal patterns, the seasonally adjusted purchase index dropped 2 percent from one week earlier, according to MBA.
"Coming out of the Memorial Day holiday, and likely impacted by the financial market volatility caused by the trade tensions, purchase application volume declined for the week," said Mike Fratantoni, senior vice president and chief economist of MBA.
"Potential homebuyers may be more cautious given the heightened economic uncertainty," Fratantoni added.
The refinance index, which measures the activity to replace higher rate mortgages with lower rate mortgages, increased 6 percent from the previous week, according to MBA.
