Mortgage Applications Decrease Over the Two-Week Holiday Period
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the two weeks ending December 30, 2022, the Market Composite Index (a measure of mortgage loan application volume) decreased 13.2% on a seasonally adjusted basis from two weeks earlier. On an unadjusted basis, the Index declined 39.4% compared with two weeks ago. The NBA notes that these results include adjustment to account for the holidays.
The holiday-adjusted Refinance Index fell 16.3% from two weeks ago and was 87.0% lower than the same week one year ago.
The seasonally adjusted Purchase Index decreased 12.2% from two weeks earlier. The unadjusted Purchase Index decreased 38.5% compared with two weeks ago and was 42.0% lower than the same week one year ago.
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