Mortgage Applications Decline in Week Ending May 12th

Posted on May 17, 2023

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the ending May 12th, the Market Composite Index—a measure of mortgage loan application volume—declined 5.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 6.0% compared with the previous week.

The Refinance Index dropped 8.0% from the previous week and was 43.0% lower than the same week one year ago.

The seasonally adjusted Purchase Index declined 4.8% from one week earlier. The unadjusted Purchase Index decreased 5.0% compared with the previous week and was 26.0% lower than the same week one year ago.

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