Mortgage Applications Increase 4.6% in Week Ending October 2nd, 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending October 2, 2020, mortgage applications rose 4.6% from the previous week. The Market Composite Index, a measure of mortgage loan application volume, increased 4.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5% compared with the previous week. The Refinance Index increased 8% percent from the previous week and was 50% higher than the same week one year ago. The seasonally adjusted Purchase Index dropped -2% from one week earlier. The unadjusted Purchase Index decreased -1% compared with the previous week but was 21% higher than the same week one year ago.