Mortgage Applications Decline in Week Ending August 14th, 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending August 14th, 2020, the Market Composite Index, a measure of mortgage loan application volume, decreased -3.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week. The Refinance Index decreased -5% from the previous week but was 38% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index decreased -1% compared with the previous week and was 27 percent higher than the same week one year ago.