Mortgage Applications Decreased For Seventh Time In Eight Weeks, Lowest Level Since 1996 (Purchase Apps Down -11% WoW And -27% YoY)

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by confoundedinterest17

Well, this isn’t good if you are a mortgage lender.

Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 8, 2023. This week’s results included an adjustment for the Labor Day holiday.

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The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 12 percent compared with the previous week. The Refinance Index decreased 5 percent from the previous week and was 31 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index decreased 11 percent compared with the previous week (WoW) and was 27 percent lower than the same week one year ago (YoY).

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