Mortgage Applications Declined 3.7% in Week Ending August 26
Washington, DC, August 31, 2022-Mortgage applications decreased 3.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 26, 2022.
The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5% compared with the previous week. The Refinance Index decreased 8% from the previous week and was 83% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index decreased 4% compared with the previous week and was 23% lower than the same week one year ago.