Mortgage applications slightly lower in the last week

Mortgage applications decreased 3.3 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 24, 2020.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2 percent compared with the previous week. The Refinance Index decreased 7 percent from the previous week and was 218 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 12 percent from one week earlier. The unadjusted Purchase Index increased 13 percent compared with the previous week and was 20 percent lower than the same week one year ago.

The refinance share of mortgage activity decreased to 71.6 percent of total applications from 75.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.9 percent of total applications.