Mortgage Applications Inch Higher in the Week Ending August 23rd

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending Friday, August 23rd, the Market Composite Index—a measure of mortgage loan application volume—increased 0.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1.0% compared with the previous week.

The Refinance Index declined 0.1% from the previous week but was 85.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 1.0% compared to one week ago. The unadjusted Purchase Index declined 1.0% compared with the previous week and was 9.0% lower than the same week one year ago.

In background and analysis accompanying the results, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Mortgage rates declined for the fourth consecutive week, with the 30-year fixed rate at 6.44%, the lowest since April 2023. Rates have now come down more than 80 basis points from a year ago. Mortgage applications were slightly higher, driven by marginally stronger purchase activity. Refinance applications were essentially unchanged but are still 85% higher than last year as borrowers continue to act—particularly FHA and VA borrowers. As observed in recent weeks, despite lower rates, purchase applications have not moved much. Prospective homebuyers are staying patient now that rates are moving lower and for-sale inventory has started to increase.”