Jumbo Loans

Mortgage Applications Just Barely Stay Positive

Posted on by TMN Editor
Mortgage applications just barely stayed positive last week, ticking up slightly. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 0.5%. Adjusted purchase applications rose by 2%, while the unadjusted index was down 0.1% from the week before and 32% lower YOY. The average interest rate for 30-year fixed loans fell for a third week from 6.77% to 6.73%. Though it’s not a huge drop, any dip will pull some rate-sensitive buyers off the sidelines. This is especially true for new construction, which is having a boom moment thanks to the crippling shortage of existing homes for sale. “Purchase applications increased, driven by a 2% gain…

Interest Rates Rose Last Week, Pushing Applications Down

Posted on by TMN Editor
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…