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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Mortgage Applications Decrease in Latest MBA Weekly Survey