Mortgage Applications Fall for the First Time in Four Weeks

Washington, DC, July 6, 2022-Mortgage applications decreased 5.4% from one week earlier on a seasonally adjusted basis, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 1, 2022. On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, increased by 6% compared with the previous week.

The week’s results include an adjustment to account for early closings on July 1 ahead of the Independence Day holiday.

The Refinance Index decreased 7.7% from the previous week and was 78% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index increased 7% compared with the previous week but was 17% lower than the same week one year ago.

While mortgage rates are still “significantly higher” than they were a year ago, says Joel Kan, MBA associate vice president of economic and industry forecasting, they have fallen 24 basis points over the past two weeks, he reports.