Mortgage Applications Decline – in Week Ending 1st July 2022
Mortgage Applications Decrease in Latest MBA Weekly Survey
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending June 1st , 2022, the Market Composite Index, a measure of mortgage loan application volume decreased 5.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6.0% compared with the previous week. This week’s results include a holiday adjustment to account for early closing the Friday before Independence Day.
The Refinance Index decreased 8.0% from the previous week and was 80.0% lower than the same week one year ago.
The seasonally adjusted Purchase Index declined 4.0% from the previous week. The unadjusted Purchase Index increased 7.0% compared with the previous week but was 17.0% lower than the same week one year ago.
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