Mortgage Applications Dip Over the Two-Week Holiday Period

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 1st, 2021, and includes adjustments to account for the holidays, The Market Composite Index, a measure of mortgage loan application volume decreased -4.2% on a seasonally adjusted basis from two weeks earlier. On an unadjusted basis, the Index decreased -33% compared with two weeks ago. The holiday adjusted Refinance Index decreased -6% from two weeks ago. The unadjusted Refinance Index was -34% lower than two weeks ago but was 100% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased -0.8% from two weeks ago. The unadjusted Purchase Index decreased -30% compared with two weeks earlier but was 3% higher than the same week one year ago.