Weekly Mortgage Application Data: It’s Like You’d Expect With Rates in The 7’s

Weekly Mortgage Application Data: It’s Like You’d Expect With Rates in The 7’s

There was a slight increase in refinancing during the week ended October 21, but overall mortgage applications fell for the fifth straight week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 1.7 percent on a seasonally adjusted basis from one week earlier and was down 2 percent on an unadjusted basis. The seasonally adjusted Purchase Index drifted down another 2 percent and was 3 percent lower before adjustment. This put the purchase application volume 42 percent below its level at the same point in 2021. [purchaseappschart] The Refinance Index rose 0.1 percent week-over-week and was 86 percent lower than the same week one year ago. The share of the week’s applications that were for refinancing ticked