Mortgage applications fell again last week as borrowers recoil in the face of rising rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 4.6%, adding to last week’s drag.
Adjusted purchase applications fell by 4%, while the unadjusted index was down 5% from the week before and 30% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.57% to 6.69%, the highest level since March.
“Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications. Refinance activity remains limited, with the refinance index falling to its lowest level in two months…
After falling slightly the week before, mortgage rates shot right back up last week, continuing to fluctuate within the 6% range.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, up from 6.35% the week prior.
A year ago at this time, the 30-year FRM averaged 5.25%.
The 15-year fixed-rate mortgage remained unchanged at 5.75%. A year ago, it averaged 4.43%.
“The 30-year fixed-rate mortgage averaged 6.39% this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months.…
Mortgage applications fell last week, wiping out the prior week’s gains, as purchase applications dropped to their slowest pace in a month.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 6.3%, changing course after last week’s 6.3% increase.
Adjusted purchase applications fell by 4.8%, while the unadjusted index was down 5% from the week before and 26% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.48% to 6.57%, its highest level in two months.
Refinances fell 8% from the week prior after a 10% increase last week.
They remain 43% lower than the same time last year, comprising only 27.4% of…
Mortgage applications rose last week across the board as rates dipped in the wake of positive news from the Fed.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 6.3%, changing course after last week’s 1.2% decrease.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 5.3% from the week before and 32% lower YOY.
The average interest rate for 30-year fixed loans dipped from 6.50% to 6.48%.
Refinances also showed movement, up 10% from the week prior. They remain 44% lower than the same time last year, however, comprising only 28% of total applications.
In the past decade, refis averaged 58% of…
Mortgage applications rose last week despite rates jumping to their highest point in more than a month.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 3.7%, changing course after last week’s 8.8% decrease.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 6% from the week before and 28% lower YOY.
The average interest rate for 30-year fixed loans jumped from 6.43% to 6.55%, a second week of increases and the highest level in more than a month.
“Both conventional and government home purchase applications increased last week. However, activity was still nearly 28% below last year’s pace, as high mortgage rates…
Interest rates increased last week for the first time in more than a month, pushing mortgage applications down.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 8.8%, outstripping last week’s 5.3% increase.
Adjusted purchase applications fell by 10%, while the unadjusted index was down 9% from the week before and 36% lower YOY.
The average interest rate for 30-year fixed loans jumped from 6.30% to 6.43% after ticking down consistently since bank failures last month.
MBA Vice President and Deputy Chief Economist Joel Kan noted that an influx of first-time buyers in the market adds to rate sensitivity, as these buyers lack the flexibility of…
Mortgage applications increased for a fourth week, inching up as home price indicators show decelerating growth.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 2.9%, close to last week’s 3% increase.
Adjusted purchase applications increased by 2%, while the unadjusted index was up 2% from the week before and 35% lower YOY.
Mortgage rates fell slightly, with the average interest rate for 30-year fixed loans down from 6.48% to 6.45%. This is the lowest level in more than a month.
“While the 30-year fixed rate remained 1.65 percentage points higher than a year ago, homebuyers responded, leading to a fourth straight increase in purchase applications,”…
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…
Mortgage applications increased again last week while banking troubles forced rates down.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 6.5 %.
The average interest rate for 30-year fixed loans fell from 6.79% to 6.71%, giving borrowers brief respite from a month of increases.
Adjusted purchase applications increased by 7%, while the unadjusted index was up 8% from the week before and was 38% lower YOY. This is the second consecutive week of increased purchase demand.
“Treasury yields declined late last week, as market concerns over bank closures and the potential for broader ripple effects triggered a flight to safety in Treasury bonds. This decline…
Mortgage purchase demand fell for a third week as rates hit their highest point since November.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – dropped by 5.7%, a slight improvement on last week’s 13.3% dip.
The average interest rate for 30-year fixed loans rose from 6.62% to 6.71%. Rates have jumped by 50 basis points just in the last month, driving applications down.
Adjusted purchase applications decreased by 6%, while the unadjusted index was down 3% from the week before and was 44% lower YOY.
“Data on inflation, employment, and economic activity have signaled that inflation may not be cooling as quickly as anticipated, which continues to…
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