Mortgage Applications Decline in Week Ending March 20th 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 20th March 2020, the Market Composite Index, a measure of mortgage loan application volume, decreased 29.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 29% when compared to the previous week. The Refinance Index decreased 34% from the previous week, but was 195% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 15% from one week earlier. The unadjusted Purchase Index decreased 14% compared with the previous week and was 11% lower than the same week one year ago.