Mortgage Applications Declined 1.7% in Week Ending July 8

Washington, DC, July 13, 2022-Mortgage applications decreased 1.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 8, 2022. This week’s results include an adjustment for the observance of Independence Day.

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 13% compared with the previous week. The Refinance Index increased 2% from the previous week and was 80% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 14% compared with the previous week and was 18% lower than the same week one year ago.