Loan Application Volume

Mortgage Demand Down For Second Week As Rates Jump

Posted on by TMN Editor
Mortgage purchase demand fell for a second week as rates hit their highest point since last November.  The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – dropped by 13.3%. The average interest rate for 30-year fixed loans rose 23 basis points to 6.62%. Purchase demand dipped to its lowest level since 1995 as a result. Adjusted purchase applications decreased by 18%, while the unadjusted index was down 4% from the week before and was 41% lower YOY. “This time of the year is typically when purchase activity ramps up, but over the past two weeks, rates have increased significantly as financial markets digest data on inflation cooling at…

Morning Roundup (1/20/2022)– Application Surge, Home Price Appreciation Accelerating

Posted on by TMN Editor
Good Morning! Today is Thursday, January 20. President Biden suggested he would break up his climate and social spending bill to improve the chances of passage. Senate Democrats failed to alter the filibuster to pass voting legislation, with Joe Manchin and Kyrsten Sinema voting with Republicans. Starbucks rescinded its vaccination requirement after the Supreme Court struck down Biden’s mandate. And in mortgage and housing news… Loan Applications Surge: Mortgage loan application volume rose 2.3% from last week, MBA’s weekly survey reported. Acceleration In Full Swing: Monthly home value appreciation accelerated for the first time since July as potential buyers continue to outnumber new listings, driving December inventory to an all-time low. New Home Purchase Apps Down: Mortgage applications for new…