Mortgage Applications Decreased 4.1% in First Week of February

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending February 5th, 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 -4% from the previous week but was 46% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased -5% from one week earlier. The unadjusted Purchase Index increased 2% compared with the previous week but was 17% higher than the same week one year ago.