Mortgage Applications Rose 6.3% in Week Ending May 5
Washington, DC, May 10, 2023-Mortgage applications increased 6.3% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 5, 2023.
The Market Composite Index, a measure of mortgage loan application volume, increased 6.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7% compared with the previous week. The Refinance Index increased 10% from the previous week and was 44% lower than the same week one year ago. The seasonally adjusted Purchase Index increased 5% from one week earlier. The unadjusted Purchase Index increased 5.3% compared with the previous week and was 32% lower than the same week one year ago.