Mortgage Applications Decline in Week Ending 21st August, 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 21st August 2020, the Market Composite Index, a measure of mortgage loan application volume, decreased -6.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -7% when compared with the previous week. The Refinance Index decreased -10% from the previous week but was 34% higher when compared with the same week one year ago. The seasonally adjusted Purchase Index increased 0.4% from one week earlier. The unadjusted Purchase Index decreased -2% when compared with the previous week and was 33% higher when compared with the same week one year ago.