Refinance applications drove a spike in mortgage applications last week as rates slipped to nearly 7%.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – saw a 7.4% boost, up from the week prior’s 2.8% increase.
Adjusted purchase applications jumped by 4%, while the unadjusted index fell 1% from the week before and was 18% lower YOY.
The data highlights borrowers’ rate sensitivity, as the 30-year fixed rate slipped to 7.07%, its lowest point since July.
A recent round of positive disinflation data put downward pressure on rates. Analysts feel more optimistic about the possibility of Federal monetary policy changes in 2024.
“Borrowers who had seen rates near…
Mortgage applications increased again last week as cooling inflation and Fed rate expectations pushed mortgage rates down.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 2.8%, up from the week prior’s modest +0.3%.
Adjusted purchase applications fell by 0.3%, while the unadjusted index rose 35% from the week before and was 17% lower YOY.
Falling rates drove the jump, with the 30-year fixed-rate falling to 7.17%, its lowest since August 2023.
MBA Vice President and Deputy Chief Economist Joel Kan pinned the rate cooldown on disinflation and the dwindling possibility of further Fed rate hikes.
The FOMC will meet on December 12-13 and Wall Street…
Mortgage applications rose for yet another week, though the increase was mild compared to previous weeks’ jumps.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by a modest 0.3%.
Adjusted purchase applications rose by 5%, while the unadjusted index slipped 31% from the week before and was 19% lower YOY. An adjustment for Thanksgiving is included in the data.
Mortgage rates slipped to 7.37%, the fourth decline in five weeks and the lowest level in 10 weeks.
“There was a slight increase in applications overall, driven by a five percent increase in purchase applications, but refinance applications decreased over the week,” said Joel Kan, MBA’s Vice…
Mortgage applications jumped last week as rates retreated, sending buyers running to complete deals.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 2.8%.
Adjusted purchase applications rose by 3%, while the unadjusted index slipped 0.3% from the week before and was 12% lower YOY.
Rates held steady at 7.61% after seeing their largest single-week drop in more than a year the week prior, down 30 bps in three weeks.
But while buyers mid-sale benefitted from the cooldown, rates have not dropped enough to entice many off the sidelines.
“Both purchase and refinance applications increased to the highest weekly pace in five weeks but remain at…
Mortgage applications slipped again last week as treasury yields swelled to new highs.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1%, a more moderate decline than the week prior’s 6.9% dip.
Adjusted purchase applications slipped by 2%, while the unadjusted index fell by 2% from the week before and was 22% lower YOY.
Another spike in rates drove the decline. The 30-year fixed mortgage rate rose to 7.90%, the highest level since 2000 and a 20 bps jump from last week. Rates have risen nearly 70 bps in the last seven weeks.
“Ten-year Treasury yields climbed higher last week, as global investors remained concerned…
Mortgage applications tanked last week, hitting their lowest level since 1995 and wiping out a brief surge the week prior.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 6.9%.
Adjusted purchase applications slipped by 6%, while the unadjusted index fell by 5% from the week before and was 21% lower YOY.
Another week of rate increases drove the decline. The 30-year fixed mortgage rate rose for a sixth straight week to 7.70%, the highest level since 2000.
“Both purchase and refinance applications declined, driven by larger drops for conventional applications. Purchase applications were 21% lower than the same week last year, as homebuying activity continues…
By KIMBERLEY HAAS
The president and CEO of the Federal Reserve Bank of Philadelphia knew he was facing a tough crowd when he took the stage during a Monday morning session at the Mortgage Bankers Association’s annual convention and expo.
“I stand here this morning fully aware of the mood in this room and I am also fully aware of the way the actions we on the FOMC have taken over the past 18 months in our efforts to tame inflation to get it back to a 2% annual target have, in their own way, contributed to the current mortgage climate,” Patrick Harker said.
Harker said he met with community members this summer to see firsthand the impacts that monetary…
By KIMBERLEY HAAS
The Mortgage Bankers Association’s chief economist and his team had some good news for those in attendance of their annual convention and expo on Sunday afternoon.
Total mortgage origination volume is expected to be $1.95 trillion in 2024, up from the $1.64 trillion projected for 2023.
At the same time, volume is predicted to increase 19% by loan count, with 5.2 million loans expected next year.
Michael Fratantoni, chief economist and senior vice president of research and industry technology, said members just have to make it through the winter.
“In terms of origination volume, we think 2023 is the low point,” Fratantoni said, adding that many lenders have had five or six quarters of production losses.
In…
Mortgage applications rose slightly last week, driven by an increase in adjustable-rate applications.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 0.6%.
Mortgage rates shot up for all loan types but adjustable-rate mortgages, leading to a rush on these loans, which boosted overall volume.
ARM applications jumped by 15% in just one week, pushing them to a 9.2% share of all applications, their highest level since November 2022.
Adjusted purchase applications inched up 1%, while the unadjusted index rose by 1% from the week before and was 19% lower YOY.
“The yield curve has become less inverted in recent weeks and ARM pricing has certainly…
Mortgage applications slipped again last week as purchase activity fell to its lowest level since 1995.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – declined by 1.3%, down from the week prior’s 5.4% increase.
Adjusted purchase applications sank by 2%, while the unadjusted index fell by 2% from the week before and was 27% lower YOY.
Declines can be attributed to the average interest rate for a 30-year fixed loan increasing 12 bps to 7.53%, the highest rate since 2000. A recent boost in Treasury yields forced rates higher for the fourth straight week.
The jumbo rate also set another record, jumping 17 bps from 7.34% to…
