Mortgage loan application volume rose by 2% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, rose by 2%. The adjusted purchase index increased by 5%, while the unadjusted purchase index was up by 5% and was 8% lower YOY. The refinance index fell 2% and was down 72% YOY. Refinances made up 32.4% of total applications, down from 33.9%. ARM activity accounted for 10.8% of total applications, up from 9.3%. “The increase in mortgage applications last week was driven by a strong gain in application activity for conventional and government purchase loans, even as mortgage rates rose to their highest level – 5.53%– since 2009. Despite…
Mortgage loan application volume rose by 2.5% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, rose by 2.5%. The adjusted purchase index increased by 4%, while the unadjusted purchase index was up by 5% and was 11% lower YOY. The refinance index increased 0.2% and was down 71% YOY. Refinances made up 33.9% of total applications, down from 37.1%. ARM activity accounted for 9.3% of total applications. “The 30-year fixed rate was 5.36%, up over two percentage points from a year ago. The 127-basis-point jump in rates over the past two months has triggered a 49% drop in refinance activity,” said Joel Kan, MBA’s Associate Vice…
Mortgage rates declined for the first time after a weeks-long upward streak, averaging 5% last week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5%, down from 5.11% last week. A year ago at this time, the 30-year FRM averaged 2.98%. “The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth…
Mortgage loan application volume plummeted by 8.3% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 8.3%. The adjusted purchase index fell by 8%, while the unadjusted purchase index fell by 7% and was 17% lower YOY. The refinance index fell 9% and was down 71% YOY. Refinances made up 35% of total applications, down from 35.7%. Mortgage rates reached their highest level since 2009 last week, and overall application activity dropped to its lowest level since 2018. “The drop in purchase applications was evident across all loan types. Prospective homebuyers have pulled back this spring, as they continue to face limited options of homes…
Mortgage loan application volume plummeted by 5% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 5%. The adjusted purchase index fell by 3%, while the unadjusted purchase index fell by 2% and was 14% lower YOY. The refinance index fell 8% and was down 68% YOY. Refinances made up 35.7% of total applications, down from 37.1%. Mortgage rates reached 5.20%, the highest level since 2010. “Ongoing concerns about rapid inflation and tighter US monetary policy continued to push Treasury yields higher, driving mortgage rates to their highest level in over a decade,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. …
Mortgage loan application volume fell another 1.3% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 1.3%. The adjusted purchase index rose by 1%, while the unadjusted purchase index rose by 2% and was 6% lower YOY. The refinance index fell 5% and was down 62% YOY. Refinances made up 37.1% of total applications, down from 38.8%. The 30-year fixed-rate hit 5.13%, the highest since November 2018, resulting in refis falling to their slowest weekly pace since 2019. “Higher rates are increasing borrower interest in ARMs. Their share of applications last week was at 7.4%, which was the highest share since June 2019,” said Joel…
By KIMBERLEY HAAS Rocket Pro TPO is promising to clear eligible loans in no more than 15 business days and leaders there say they are able to guarantee these closing times because of the company’s investment in technology. Kevin Randolph, Senior Vice President of Operations at Rocket Pro TPO, said they have spent billions of dollars to accelerate their creation of propriety technology. They have rolled out new programs such as PathFinder, a proprietary mortgage guideline search engine. Rocket Connect provides brokers with communication with underwriters and operational leaders directly in the broker portal. Rocket Pro TPO’s new pricing calculator can deliver brokers a pricing estimate quickly and easily, according to the company. Randolph said in an interview with The…
Mortgage loan application volume fell 1.2% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 1.2%. The adjusted purchase index fell 1%, while the unadjusted purchase index fell 2% and was 8% lower YOY. The refinance index fell 3% and was down 49% YOY. Refinances made up 48.4% of total applications. Rising mortgage rates continue to impact application activity. Rates reached 4.27% last week, their highest since May 2019, and are adding to investor uncertainty. They’re also having an outsized impact on refis, which declined for both conventional and government loans. Refinances bounced up last week due to a brief drop in rates, though it was…
Refinances bounced up last week due to a brief drop in interest rates, the Mortgage Bankers Association’s (MBA) weekly survey found. Overall, mortgage loan application volume rose 8.5% last week, reversing a weeks-long downward trend. This is likely the result of spring inventory trickling into the market, though the lower rates may have played a role. The adjusted purchase index rose 9%, while the unadjusted purchase index rose 11% and was 7% lower YOY. The refinance index jumped 9% and was down 50% YOY. Refinances made up 49.5% of total applications, a slight dip as overall volume increased. Government refinances made big gains in particular. “Mortgage rates dropped for the first time in 12 weeks, as the war in Ukraine…
Mortgage loan application volume fell 13.1% last week, continuing last week’s trend down, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 13.1%. The adjusted purchase index fell 10%, while the unadjusted purchase index fell 6% and was 6% lower YOY. The refinance index fell 16% and was down 56% YOY. Refinances made up 50.1% of total applications. “Mortgage applications dropped to their lowest level since December 2019 last week, as mortgage rates continued to inch higher. The 30-year fixed rate was 4.06%, almost a full percentage point higher than a year ago. Higher mortgage rates have quickly shut off refinances, with activity down in six of the…
