Mortgage applications tumble

Mortgage applications decreased 17.9 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending April 3, 2020.

The Market Composite Index, a measure of mortgage loan application volume, decreased 17.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 18 percent compared with the previous week. The Refinance Index decreased 19 percent from the previous week and was 144 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased 12 percent from one week earlier. The unadjusted Purchase Index decreased 12 percent compared with the previous week and was 33 percent lower than the same week one year ago.

The refinance share of mortgage activity decreased to 74.2 percent of total applications from 75.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 3.3 percent of total applications. Looking at the impact at the state level, here are results showing the non-seasonally adjusted, week-over-week percent change in the number of purchase applications from Washington, California and New York: