Mortgage Applications Declined 11% in Week Ending May 13
Washington, DC, May 18, 2022-Mortgage applications decreased 11.0% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 13, 2022.
The Market Composite Index, a measure of mortgage loan application volume, decreased 11.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 11% compared with the previous week. The Refinance Index decreased 10% from the previous week and was 76% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 12% from one week earlier. The unadjusted Purchase Index decreased 12% compared with the previous week and was 15% lower than the same week one year ago.