Mortgage Applications Declined 4.1% in Week Ending March 31

Washington, DC, April 5, 2023-Mortgage applications decreased 4.1% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 31, 2023.  

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4% compared with the previous week.  The Refinance Index decreased 5% from the previous week and was 59% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 35% lower than the same week one year ago.