According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 17, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased 4.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 16% compared with the previous week.
The Refinance Index increased 7% from the previous week but was -5% lower than the same week one year ago.
The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index increased 12% percent compared with the previous week but was -13% lower than the same week one year ago.
In remarks prepared for this week’s survey, Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said, “There was a resurgence in mortgage applications the week after Labor Day, with activity overall at its highest level in over a month and purchase applications jumping to a high last seen in April 2021. Housing demand is strong heading into the fall, despite fast-rising home prices and low inventory. The inventory situation is improving, with more new homes under construction and more homeowners listing their home for sale. Despite this week’s increase, purchase applications were still 13 percent lower than the same week a year ago.”
Kan added, “Homeowners acted while rates remained low at 3.03 percent. This week’s refinance gain of 7 percent was driven heavily by an increase in FHA and VA applications.”
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Mortgage Applications Increase in Latest MBA Weekly Survey