Mortgage Applications Increase in Week Ending July 3rd 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending 3rd July 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 2.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -8% compared with the previous week. The Refinance Index increased 0.4% from the previous week but was 111% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5%from one week earlier. The unadjusted Purchase Index decreased -5% percent compared with the previous week but was 33% higher than the same week one year ago.