Mortgage Applications Declined 4.2% in Week Ending August 18

Washington, DC, August 23, 2023-Mortgage applications decreased 4.2% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 18, 2023. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6% compared with the previous week. The Refinance Index decreased 3% from the previous week and was 35% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 5% from one week earlier. The unadjusted Purchase Index decreased 7% compared with the previous week and was 30% lower than the same week one year ago.