Mortgage Applications Declined 5.7% in Week Ending May 12

Washington, DC, May 17, 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 May 12, 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 6% compared with the previous week.  The Refinance Index decreased 8% from the previous week and was 43% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 4.8% from one week earlier. The unadjusted Purchase Index decreased 5% compared with the previous week and was 26% lower than the same week one year ago.