Mortgage applications tanked last week, hitting their lowest level since 1995 and wiping out a brief surge the week prior.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 6.9%.
Adjusted purchase applications slipped by 6%, while the unadjusted index fell by 5% from the week before and was 21% lower YOY.
Another week of rate increases drove the decline. The 30-year fixed mortgage rate rose for a sixth straight week to 7.70%, the highest level since 2000.
“Both purchase and refinance applications declined, driven by larger drops for conventional applications. Purchase applications were 21% lower than the same week last year, as homebuying activity continues…
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.…
Pending home sales fell for the sixth straight month, down 3.9% in April from the month prior and 9.1% YOY, according to the National Association of Realtors (NAR) Pending Home Sales Index (PHSI). The PHSI looks at contract signings as an indicator of home sales, with a reading of 100 equal to contract signing activity in 2001. It registered a reading of 99.3 in April. Only the Midwest saw an increase in pending sales, while the three other regions saw declines. Pending home sales transactions in the South fell by 4.7% to an index of 119.0, down 10.3% YOY. The index in the West slipped 4.3% in April to 85.9, a 10.5% decrease YOY. “Pending contracts are telling, as they…
Mortgage loan application volume dropped another 1.2% after plunging by 11% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, fell by 1.2%. The adjusted purchase index didn’t budge, moving 0%, while the unadjusted purchase index fell by 1% and was 16% lower YOY. The refinance index fell 4% and was down 75% YOY. Refinances made up 32.3% of total applications. ARM activity fell to 9.4% of total applications. “The 30-year fixed rate declined for the second straight week to 5.46% but remains well above what borrowers were used to over the past two years. Most refinance borrowers continue to remain on the sidelines as a result,…
