Mortgage Applications Increase in the Week Ending 26th February 2021

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey for the week ending February 26, 2021, 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 increased 2% compared with the previous week. The Refinance Index increased 0.1% from the previous week and was 7% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index increased 5% percent compared with the previous week and was 1% higher than the same week one year ago. Commenting on the increase in applications, Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said, “The housing market is entering the busy spring buying season with strong demand. Purchase applications increased, with a rise in government applications — likely first-time buyers — pulling down the average loan size for the first time in six weeks.”