The Mortgage Bankers Association's Market Composite Index for the week ended May 30 was 502.3, down 15.3% on a seasonally adjusted basis from 593.3 one week earlier. The results were adjusted to account for the Memorial Day holiday.

The Refinance Index fell 25.7% to 1496.1 from 2013.5 the previous week and the seasonally adjusted Purchase Index slipped 5.4% lower to 333.6 from 352.7 one week earlier. The Conventional Purchase Index fell 6.1%.

The refinance share of mortgage activity declined to 40.6% of total applications from 46.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.7% from 9.3% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.17% from 5.96%. The average rate for 15-year fixed-rate mortgages rose to 5.7% from 5.49%, and the rate for one-year ARMs fell to 6.8% from 6.92%.

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