Mortgage Applications Decrease 4.1% in Week Ending January 22nd, 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 22^nd , 2021, the Market Composite Index a measure of mortgage loan application volume, decreased -4.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -3% compared with the previous week. The Refinance Index decreased -5% from the previous week but were 83% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased -4% from one week earlier. However, the unadjusted Purchase Index increased 3% compared with the previous week and was 16% higher than the same week one year ago.