US Mortgage Applications Decline in the Week Ending February 14

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, February 14, the Market Composite Index—a measure of mortgage loan application volume—decreased 6.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4.0% compared with the previous week.

The Refinance Index decreased 7.0% from the previous week but was 39.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 6.0% from one week earlier. The unadjusted Purchase Index decreased 1.0% compared with the previous week but was 7.0% higher than the same week one year ago.

Commenting on the results of this week’s survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Mortgage rates decreased on average over the week, as markets brushed off unexpectedly strong inflation data. Despite mortgage rates declining, with the 30-year fixed mortgage rate dropping to 6.93%, mortgage applications decreased to their slowest pace since the beginning of the year. Purchase applications were down for the week, as buyers remained on the fence, although loosening inventory may help support activity in the coming months. Refinance applications had been rising in previous weeks but dipped as rates remained close to 7%.”