Mortgage Application Volume at Lowest Levels Since 1996

Mortgage Application Volume at Lowest Levels Since 1996

The Mortgage Bankers Association (MBA) said the volume of mortgage applications dipped slightly during the week ended September 8. MBA said its Market Composite Index, a measure of that volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index dropped 12 percent during the week, which was shortened by the Labor Day holiday. The Refinance Index declined 5 percent week-over-week and was 31 percent lower than the same week in 2022. The refinance share of mortgage activity was 29.1 percent compared to 30.0 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index rose 1 percent but fell 11 percent before adjustment. Activity was 27 percent lower than the same week one year ago. [purchaseappschart]