Data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 7, 2023, show that mortgage applications increased 0.9% from one week earlier. This week’s results include an adjustment for the observance of Independence Day.
The Market Composite Index, a measure of mortgage loan application volume, increased 0.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 19% compared with the previous week.
The Refinance Index decreased 1% from the previous week and was 39% lower than the same week one year ago. The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index decreased 19% compared with the previous week and was 26% lower than the same week one year ago.
“Incoming economic data continue to send mixed signals about the economy,” says Joel Kan, MBA vice president and deputy chief economist.
The refinance share of mortgage activity decreased to 26.8% of total applications from 27.4% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6.6% of total applications.
The FHA share of total applications increased to 13.3% from 13.0% the week prior. The VA share of total applications increased to 12.6% from 11.7% the week prior. The USDA share of total applications remained unchanged at 0.4% from the week prior.
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