The U.S. home purchase application index falls to a five-week low.

The United States' mortgage application for home purchases has fallen to a five-week low, despite rates easing from their highest levels since the end of January. In the week ending May 30, the Mortgage Bankers Association purchasing index dropped by 4.4% to 155, including the Memorial Day holiday. According to data released on Wednesday, the 30-year fixed-rate mortgage contract decreased by 6 basis points to 6.92%. The MBA report also showed a 3.5% decline in refinancing index, marking the fourth consecutive decrease. While housing financing costs eased last week, they need to continue to decrease to help the housing market regain momentum. Despite buyers finding more options as more sellers list their properties, asking prices remain high and mortgage rates are still close to 7% rather than 6%.