Mortgage Applications Increase for Third Consecutive Week

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending January 20, 2023, the Market Composite Index (a measure of mortgage loan application volume) increased 7.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.0% compared with the previous week. The MBA notes that this week’s results include an adjustment for the observance of Martin Luther King, Jr. Day.

The Refinance Index increased 15.0% from the previous week but was 77.0% lower than the same week one year ago.

The seasonally adjusted Purchase Index increased 3.0% from one week earlier. The unadjusted Purchase Index decreased 1.0% compared with the previous week and was 39.0% lower than the same week one year ago.

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