Adjustable Rate

ARM Rush Pushes Mortgage Applications Up

Posted on by TMN Editor
Mortgage applications rose slightly last week, driven by an increase in adjustable-rate applications. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 0.6%. Mortgage rates shot up for all loan types but adjustable-rate mortgages, leading to a rush on these loans, which boosted overall volume.  ARM applications jumped by 15% in just one week, pushing them to a 9.2% share of all applications, their highest level since November 2022. Adjusted purchase applications inched up 1%, while the unadjusted index rose by 1% from the week before and was 19% lower YOY. “The yield curve has become less inverted in recent weeks and ARM pricing has certainly…

Applications Sink Again To 22-Year Low

Posted on by TMN Editor
Mortgage loan application volume fell 1.2% last week to a 22-year low as the 30-year fixed rate rose to its highest point in almost a month, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. The adjusted purchase index fell 1% while the unadjusted purchase index dropped 2% and was 21% lower YOY. The refinance index dropped by 3% and made up 31.1% of total applications, down 83% from the same time last year.  ARM activity fell to 6.5% of total applications. “Last week’s purchase results varied, with conventional applications declining 2% and government applications increasing 4%, which is potentially a sign of more first-time homebuyer activity.…