Both mortgage applications and refinance activity slumped last week, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Jan. 25. The results include an adjustment to account for the Martin Luther King Jr. holiday.
The MBA's market composite index decreased 8.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 17% compared with the previous week.Â
The refinance index decreased 10% from the previous week. The refinance share of mortgage activity decreased to 79% of total applications from 82% the previous week.
The seasonally adjusted purchase index decreased 2% from one week earlier. The unadjusted purchase index decreased 6% compared with the previous week and was 2% higher than the same week one year ago.