According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending October 15, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -6.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -6% compared with the previous week.
The Refinance Index decreased -7% from the previous week and was -22% lower than the same week one year ago.
The seasonally adjusted Purchase Index decreased -5% from one week earlier. The unadjusted Purchase Index decreased -5% compared with the previous week and was -12% lower than the same week one year ago.
In remarks prepared for this week’s survey, Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said, “Refinance applications declined for the fourth week as rates increased, bringing the refinance index to its lowest level since July 2021. The 30-year fixed rate has increased 20 basis points over the past month and reached 3.23 percent last week — the highest since April 2021. The 15-year fixed rate increased to 2.54 percent, which is the highest since July. Purchase activity declined and was 12 percent lower than a year ago, within the annual comparison range that it has been over the past six weeks. Insufficient housing supply and elevated home-price growth continue to limit options for would-be buyers.”
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Mortgage Applications Decrease in Latest MBA Weekly Survey