Mortgage Applications Decline in Week Ending July 24th 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 24th July 2020, the Market Composite Index, measure of mortgage loan application volume, decreased -0.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -1% compared with the previous week. The Refinance Index decreased -0.4% from the previous week but was 121% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased -2% from one week earlier. The unadjusted Purchase Index decreased -1% compared with the previous week but was 21% percent higher than the same week one year ago. Mike Fratantoni, MBA’s Senior VP and Chief Economist, in prepared remarks said, “Mortgage rates remained near record lows for conventional loans last week, and refinances in the conventional sector continued to slightly increase. However, rates on FHA loans rose, leading to an almost -18% drop in FHA refinances.”