The market composite index, which measures loan application volume, declined by 5% on an unadjusted
basis, and the refinance index went up by 0.2%.
The purchase index increased by 6% on a seasonally adjusted basis from the prior week, hitting its highest level since June. On an unadjusted basis, the index increased 2% from the prior week and by 0.1% year-over-year.
Refinances decreased to 50.0% of total applications – the lowest since July 2015 – compared to 53.0% from the week before. Adjustable-rate mortgages stayed at 5.7% of total applications.
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The week of Martin Luther King Day saw an increase in mortgage applications by 4.0% on a seasonally adjusted basis from the prior week, according to new data from the Mortgage Bankers Association.