New home purchase applications fell 12% YOY in June, and were down 10% from May, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey. New single-family home sales ran at a seasonally-adjusted annual rate of 620,000 units in June, down 14.7% from May’s pace of 727,000 units. The unadjusted rate was estimated to be 57,000 home sales, down 6.6% from 61,000 in May. New home sales are estimated using mortgage application information and assumptions regarding market coverage and other factors. “Higher mortgage rates and heightened economic uncertainty cooled borrower demand in June, leading to new-home purchase applications declining to the lowest level since April 2020,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Additionally, new…
Mortgage loan application volume fell by 1.7% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.7%. The adjusted purchase index dropped 4%, while the unadjusted purchase index increased by 14% and was 18% lower YOY. The refinance index rose by 2% and made up 30.8% of total applications, down 80% from the same time last year. The overall refinance index was 5% lower than the average level reported in June, and refinances are expected to stay low. ARM activity rose to 9.6% of total applications. “Mortgage rates were mostly unchanged, but applications declined for the second straight week. Purchase applications for both conventional and…
Mortgage loan application volume fell by 5.4% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 5.4%. The adjusted purchase index dropped 4%, while the unadjusted purchase index increased by 7% and was 17% lower YOY. The refinance index fell by 8% and made up 29.6% of total applications, down 78% from the same time last year. ARM activity fell to 9.5% of total applications. “Mortgage rates decreased for the second week in a row, as growing concerns over an economic slowdown and increased recessionary risks kept Treasury yields lower. Mortgage rates have increased sharply thus far in 2022 but have fallen 24 basis points…
Mortgage loan application volume rose slightly by 0.7% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 0.7%. The adjusted purchase index rose 0.1%, while the unadjusted purchase index fell by 21% and was 24% lower YOY. The refinance index rose by 2% and made up 30.3% of total applications, down 80% from the same time last year. ARM activity fell to 10.1% of total applications. “Mortgage rates continue to experience large swings. After increasing 65 basis points during the past three weeks, the 30-year fixed rate declined 14 basis points last week to 5.84%,” said Joel Kan, MBA’s Associate Vice President of Economic and…
Mortgage loan application volume rose by 4.2% last week despite rates surging to their highest point since November 2008, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 4.2%. The adjusted purchase index rose 8%, while the unadjusted purchase index was up by 6% and was 10% lower YOY. The refinance index dropped by 3% and made up 29.7% of total applications. Refi volume is down 77% in the last year. ARM activity rose to 10.6% of total applications. Mortgage rates increased by 33 basis points to 5.98%, their highest since 2008 and the largest single-week increase since 2009. MBA Associate Vice President of Economic and Industry…
Mortgage loan application volume reversed course after five straight weeks of decreases, rising 6.6% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 6.6%. The adjusted purchase index rose 8%, while the unadjusted purchase index was up by 18% and was 16% lower YOY. The refinance index rose 4% and was down 76% YOY and made up 31.7% of total applications. ARM activity fell to 8.1% of total applications. Joel Kan, MBA Association Vice President of Economic and Industry, noted that applications rose despite an interest rate explosion last week. The 30-year fixed-rate hit 5.65% last week, up 25 basis points and the highest level…
Mortgage credit availability dropped in May to a reading of 120, according to the Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI). It is the third straight month of decline, and this reading is the lowest level since July 2021. The MCAI analyzes data from ICE Mortgage Technology. A decline in the MCAI shows lending standards tightening, while an increase shows standards loosening. It was benchmarked to 100 in March 2012. The Conventional MCAI fell 0.4%. The Government MCAI fell 1.3%. Of the component indices of the Conventional MCAI, the Jumbo dropped 1.1% and the Conforming rose 1%. “The index remains more than 30% below pre-pandemic levels, as recent months’ credit tightening has occurred in refinance loan programs,” said Joel…
Mortgage loan application volume dropped by 6.5%, the fifth decrease in six weeks, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, fell by 6.5%. The adjusted purchase index fell 7%, while the unadjusted purchase index fell by 18% and was 21% lower YOY. The refinance index fell 6% and was down 75% YOY, though refinances made up a higher share of total applications (32.2%, up from 31.5%) as purchase applications dwindle. ARM activity fell to 8.2% of total applications. “Weakness in both purchase and refinance applications pushed the market index down to its lowest level in 22 years. The 30-year fixed-rate increased to 5.4% after three consecutive declines.…
Mortgage rates stayed relatively flat last week, falling just slightly to an average of 5.09%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5.09%, down from last week’s 5.10%. A year ago at this time, the 30-year FRM averaged 2.99%. “Mortgage rates continued to inch downward this week but are still significantly higher than last year, affecting affordability and purchase demand,” said Sam Khater, Freddie Mac’s Chief Economist. “Heading into the summer, the potential homebuyer pool has shrunk, supply is on the rise and the housing market is normalizing. This is welcome news following unprecedented market tightness over the last couple of years.” Mortgage purchase applications are down 14% YOY…
Mortgage loan application volume dropped another 2.3%, the fourth decrease in five weeks and the lowest level since December 2018, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, fell by 2.3%. The adjusted purchase index fell 1%, while the unadjusted purchase index fell by 2% and was 14% lower YOY. The refinance index fell 5% and was down 75% YOY. Refinances made up 31.5% of total applications. ARM activity fell to 8.7% of total applications. “With the 30-year fixed rate at 5.33%, the refinance market continues to shrink, led by larger decreases last week for FHA and VA refinance applications. The refinance index was 75% below last year’s…
