Mortgage Applications Rate Declines for Third Week in a Row

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending August 28th, 2020, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -3% when Compared with the previous week. The Refinance Index decreased -3% from the previous week, but was 40% higher than the same week one year ago. The seasonally adjusted Purchase Index decreased -0.2% from one week earlier. The unadjusted Purchase Index decreased -3% compared with the previous week but was 28% higher than the same week one year ago.