There was a significant
pull-back in the volume of mortgage applications
during the week ended January
22. Volume has been down in two of the three full weeks of the new year. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of mortgage loan application volume, declined 4.1 percent on a seasonally
adjusted basis from one week earlier and was 3.0 percent lower on an unadjusted
basis. The Refinance
Index was 5 percent lower
than during the week ended January 15, although it outpaced
the same week in 2020 by 83 percent. The refinance share of mortgage activity
decreased to 70.7 percent from 72.3 percent the previous week. The seasonally
adjusted Purchase Index decreased 4 percent from one week earlier and was down
3 percent on an unadjusted basis. Purchase activity was 16 percent higher than
the same week in 2020.  



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