Mortgage Applications Declined 4.6% in Week Ending May 19
Washington, DC, May 24, 2023-Mortgage applications decreased 4.6% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 19, 2023.
The Market Composite Index, a measure of mortgage loan application volume, decreased 4.6% 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 5% from the previous week and was 44% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 5% compared with the previous week and was 30% lower than the same week one year ago.