Mortgage Applications Declined 5.7% in Week Ending February 24
Washington, DC, March 1, 2023-Mortgage applications decreased 5.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 24, 2023.
The Market Composite Index, a measure of mortgage loan application volume, decreased 5.7% 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 6% from the previous week and was 74% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6 from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 44% lower than the same week one year ago.