Mortgage applications decreased 5% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending Jan. 20. The results include an adjustment to account for the Martin Luther King Jr. holiday.
The MBA market composite index decreased 5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 13.8% compared with the previous week.Â
The refinance index decreased 5.2% from the previous week, while the seasonally adjusted purchase index decreased 5.4% from one week earlier. The unadjusted purchase index decreased 9.7% compared with the previous week and was 6.5% lower than the same week one year ago.
The refinance share of mortgage activity decreased to 81.3% of total applications from 82.2% the previous week. The adjustable-rate mortgage share of activity decreased to 5.3% from 5.6% of total applications from the previous week.