Mortgage Applications Declined by 3% in Week Ending July 28

Washington, DC, August 2, 2023-Mortgage applications decreased 3.0% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 28, 2023. 

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3% compared with the previous week. The Refinance Index decreased 3% from the previous week and was 32% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 3% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 26% lower than the same week one year ago.