MBA Mortgage Market Index
A weekly measure of U.S. mortgage application volume from the Mortgage Bankers Association.
Full explanation
The MBA Mortgage Market Index is a weekly measure of U.S. residential mortgage-loan application activity. It is the Mortgage Bankers Association's Market Composite Index, which combines applications to buy homes and to refinance existing mortgages. The index is based on survey responses from mortgage lenders and is reported as a change from the prior week, with seasonal adjustment also available. It can provide an early view of changes in housing-finance demand before many monthly housing indicators are released.
Why traders watch it
Traders watch it as a timely signal of U.S. housing and household borrowing demand, and as context for how mortgage-rate movements may be affecting the broader economy.
Stronger vs weaker outcomes
A stronger-than-expected increase could be consistent with firmer mortgage demand, while a weaker result could be consistent with softer demand. The result may also reflect short-term changes in mortgage rates, holiday timing, weather, or refinancing incentives rather than a broad change in housing conditions.
Typical volatility
Moderate. This is a survey-based weekly indicator that can be volatile. Purchase and refinance applications can move differently, and applications do not necessarily become completed home sales or loans.
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