Mortgage Applications Declined 9.0% in Week Ending January 27
Washington, DC, February 1, 2023-Mortgage applications decreased 9.0% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 27, 2023.
The Market Composite Index, a measure of mortgage loan application volume, decreased 9.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6% compared with the previous week. The Refinance Index decreased 7% from the previous week and was 80% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 10% from one week earlier. The unadjusted Purchase Index increased 7% compared with the previous week and was 41% lower than the same week one year ago.