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Mortgage Applications Fall On Adjusted Basis

Wednesday, February 3, 2016

Mortgage application volume during the week ended January 29 was again either disappointing or much improved depending on whether one viewed it on an adjusted verses an unadjusted basis due to the intervention of yet another holiday period. The Mortgage Brokers Association said its Market Composite Index, a measure of loan application volume, was down 2.6 percent on a seasonally adjusted basis during the week ended January 29 compared to a week earlier.  Results for the week ended January 22 had been further adjusted to account for the Martin Luther King holiday.  On an unadjusted based the overall index increased by 11 percent.

The Refinancing Index had a 0.3 percent uptick and the refinancing share of all applications eked out a 0.2 percent gain to 59.2 percent compared to the previous week.  The Purchasing Index declined by 7 percent on a seasonally adjusted basis while it was up 11 percent unadjusted.  The unadjusted index was 17 percent higher than it was during the same week in 2015.

 

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