Mortgage Applications Drop in Week Ending September, 11th 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending September 11th, 2020, which includes the Labor Day holiday, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -13% compared with the previous week. The Refinance Index decreased -4% from the previous week, but was 30% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased -1% from one week earlier. The unadjusted Purchase Index decreased -12% compared with the previous week, but was 6% higher than the same week one year ago.