Mortgage Applications Declined 6.5% in Week Ending June 3
Washington, DC, June 8, 2022-Mortgage applications decreased 6.5% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 3, 2022. This week’s results include an adjustment for the Memorial Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 17% compared with the previous week. The Refinance Index decreased 6% from the previous week and was 75% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 7% from one week earlier. The unadjusted Purchase Index decreased 18% compared with the previous week and was 21% lower than the same week one year ago.