For the week ending May 22, the Refinance Index plunged 18.9% to 3890.4, according to the Mortgage Bankers Association. This is its lowest level since early March.

Contributing to the drop was higher mortgage rates. They reported the average contract interest rate for 30-year fixed mortgages jumped 12 basis points to 4.81%.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.