Mortgage Applications Drop in Week Ending May 15th 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending May 15th, 2020, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -2% compared with the previous week. The Refinance Index decreased -6% from the previous week, but was 160% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 6% percent from one week earlier. The unadjusted Purchase Index increased 6% compared with the previous week, but was -1.5% lower than the same week one year ago.