Application Volume

Mortgage Applications Rise Again, But Will It Last?

Posted on by TMN Editor
Mortgage applications increased for a third week as buyers take advantage of retreating rates. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 3%. Mortgage rates fell for a second week as a wobbly banking sector pushed treasury yields down. The average interest rate for 30-year fixed loans fell from 6.71% to 6.48%. This is its lowest level in a month. “Both purchase and refinance applications increased for the third week in a row as borrowers took the opportunity to act, even though overall application volume remains at relatively low levels,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. Adjusted purchase applications increased by…

Loan App Volume Dips To Lowest Level Since February 2000

Posted on by TMN Editor
Mortgage loan application volume fell by another 1.8%, the fourth straight week of declines and the lowest level of activity since February 2000, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.8%. The adjusted purchase index dropped 1%, while the unadjusted purchase index decreased by 0.4%% and was 18% lower YOY. The refinance index fell by 4% and made up 30.7% of total applications, down 83% from the same time last year.  ARM activity dropped to 9.1% of total applications.  As affordability challenges continue and potential buyers decide to hold off searching for a home, purchase activity is now inching closer to pre-pandemic levels. “Weakening purchase applications…