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Mortgage Applications Continue Losing Streak

Wednesday, May 20, 2015

Mortgage application volume continued a downward spiral during the week ended May 15.  The Mortgage Bankers Association's (MBA's) Market Composite Index, a measure of application volume, was down 1.5 percent on a seasonally adjusted basis compared to the previous week.   On an unadjusted basis it was down 2.0 percent. The index has now declined for four straight periods by an average for the adjusted index of 2.97 percent each week.

The decline of the Composite Index this week was driven the largest drop in purchase mortgages since February.  Both the seasonally adjusted and the unadjusted Purchase Indexes were down by 4 percent from the previous week although the unadjusted Purchase Index remained 11 percent higher than during the same week in 2014.  Refinancing increased slightly, gathering a 52 percent share of all applications compared to 51 percent the previous week as the Refinance Index rose 0.3 percent.

 

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