Mortgage Applications Declined 7.2% in Week Ending January 26

Washington, DC, January 31, 2024-Mortgage applications decreased 7.2% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 26, 2024. Last week’s results included an adjustment to account for the MLK holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 7.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 8% compared with the previous week. The Refinance Index increased 2% from the previous week and was 3% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 11% from one week earlier. The unadjusted Purchase Index increased 6% compared with the previous week and was 20% lower than the same week one year ago.