Mortgage Applications Declined 5.1% in Last Week of July
Washington, DC, August 5, 2020-Mortgage applications decreased 5.1% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 31, 2020.
The Market Composite Index, a measure of mortgage loan application volume, decreased 5.1% 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 7% from the previous week and was 84% higher than the same week one year ago.
The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 22% higher than the same week one year ago.