Mortgage Applications Rose 2.2% in First Week of July

Washington, DC, July 8, 2020-Mortgage applications increased 2.2% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 3. This week's results include an adjustment for the Fourth of July holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8% compared with the previous week. The Refinance Index increased 0.4% from the previous week and was 111% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5% from one week earlier. The unadjusted Purchase Index decreased 5% compared with the previous week and was 33% higher than the same week one year ago.