FAQs

What is the Market Composite Index?

The Market Composite Index is a measure of mortgage loan application volume from the Mortgage Bankers Association’s (MBA) weekly survey. It includes data on purchasing and refinancing activity in the mortgage market.

How is the Market Composite Index calculated?

The Market Composite Index is calculated by combining the Purchase Index and the Refinance Index to provide a comprehensive view of mortgage loan application activity.

What factors influence changes in mortgage loan application volume?

Changes in mortgage loan application volume can be influenced by factors such as interest rates, housing market conditions, economic trends, and consumer confidence.

Conclusion

The latest data from the Mortgage Bankers Association’s weekly survey shows an increase in mortgage loan application volume, primarily driven by purchasing activity. While refinancing activity decreased on a monthly basis, it remains higher than the previous year. The average 30-year fixed rate mortgage also saw an uptick, reaching 7.02%. Average loan sizes for purchases increased slightly, while refinance loan sizes decreased. Overall, the mortgage market continues to show signs of resilience and activity in the current economic climate.