Mortgage applications increased 7.0 percent from one week earlier! - (January, 26th, 2023)
Mortgage applications increased 7.0 percent from one week earlier, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending January 20th.
The Market Composite Index, a measure of mortgage loan application volume, increased 7.0 percent on a seasonally adjusted basis from one week earlier. The Refinance Index increased 15 percent from the previous week, while the Purchase Index increased 3 percent. Joel Kan, MBA's Vice President and Deputy Chief Economist, noted that mortgage rates had declined for the third consecutive week and that homebuying activity remained tepid.
The FHA, VA, and USDA shares of total applications decreased, while the ARM share of activity decreased to 6.5 percent. Average contract interest rates for 30-year fixed-rate mortgages with conforming loan balances, jumbo loan balances, and FHA loan balances decreased, while the average contract interest rate for 5/1 ARMs increased.
The survey covers over 75 percent of all U.S. retail residential mortgage applications.
Writen by Falen Taylor - Mortgage Bankers Association