Mortgage Applications Increase in Week Ending May 8th, 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending May 8th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 0.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week. The Refinance Index decreased -3% from the previous week but was 201% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 11% from one week earlier. The unadjusted Purchase Index increased 11% compared with the previous week but was -10% lower than the same week one year ago.