Mortgage applications dipped again after a brief increase last week, despite rates cooling.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 2.9%, drifting down after the week prior’s 2.3% increase.
Applications are now at their lowest level since December 1996. Adjusted purchase applications fell by 2%, while the unadjusted index dipped 5% from the week before and was 28% lower YOY.
The average interest rate for a 30-year fixed loan fell 10 bps to 7.21%.
“Both purchase and refinance applications fell, with the purchase index hitting a 28-year low, as prospective buyers remain on the sidelines due to low housing inventory and elevated mortgage rates,”…
Prominent political player and lobbyist George Rogers has joined the Mortgage Bankers Association as vice president of legislative affairs, the group announced in a press release.
Rogers will advocate on behalf of MBA’s legislative and policy priorities, focusing largely on Republican members of the United States Senate. He holds a Juris Doctor from Indiana University School of Law and a Bachelor of Arts in Foreign Affairs from Miami University in Oxford, Ohio.
Prior to the MBA, he co-founded Republican Consulting, LLC, a government relations and lobbying firm.
In his decades working for the Senate and House, Rogers managed six committees on behalf of Rep. John Boehner (R-OH). Notably, he served on the presidential transition team of Donald Trump.
Rogers also…
Mortgage applications tanked last week, raising concerns over the market’s future.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 4.2%, supercharging after the week prior’s 0.8% decline.
The average interest rate for 30-year fixed loans rose from 7.16% to 7.31%, pushing homeownership farther out of reach for many Americans. This is the fourth straight week of increases and the highest level since December 2000.
“Applications for home purchase mortgages dropped to their lowest level since April 1995, as homebuyers withdrew from the market due to the elevated rate environment and the erosion of purchasing power. Low housing supply is also keeping home prices high in…
Mortgage applications slipped slightly last week as rates rose again.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 0.8%, a much softer decline than the week prior’s 3.1% drop.
MBA attributes recent declines to rising rates. The average interest rate for 30-year fixed loans rose from 7.09% to 7.16%, pushing homeownership farther out of reach for many Americans. This is the third straight week of increases.
Adjusted purchase applications fell by 0.2%, while the unadjusted index dipped 2% from the week before and was 26% lower YOY.
Refinances continued to be hobbled by the high rate environment, down by 2% and 35% lower than the…
Mortgage delinquencies improved in the second quarter of 2023, but homeowners face increasing credit stress as the year drags on.
The Mortgage Bankers Association reported that the delinquency rate for mortgage loans on one-to-four-unit residential properties fell to a seasonally adjusted rate of 3.37% of all loans outstanding at the end of Q2 2023, down 9 bps from Q1 and 27 bps YOY.
This is the lowest level on MBA’s record, which dates back to 1979.
“Buoyed by a resilient job market, homeowners are continuing to make their mortgage payments,” said Marina Walsh, CMB, MBA’s Vice President of Industry Analysis.
Foreclosure actions also dipped by 3 bps to 0.13%, and foreclosure inventory is down from last quarter.
But Walsh pointed…
Mortgage applications dipped last week as rates hit their highest level since November 2022.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 3.1%, adding to the week prior’s 3% decline.
Adjusted purchase applications fell by 3%, while the unadjusted index dipped 3% from the week before and 27% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.93% to 7.09%, pushing homeownership farther out of reach for many Americans.
Refinances slipped by 3% and remain 32% lower than the same time last year, making up 28.7% of total applications. In the past decade, refis averaged 58% of total activity.
“Treasury yields rates…
Mortgage credit availability fell in July, sinking to its lowest level since 2013, according to the Mortgage Bankers Association’s Mortgage Credit Availability Index.
The MCAI dropped by 0.3% to 96.3. Declines indicate that lending standards are tightening, while increases show loosening credit. The index was benchmarked to 100 in March 2012.
The Conventional MCAI fell 0.5%, while the Government MCAI slipped by 0.1%. Within the Conventional MCAI, the Jumo MCAI fell by 0.8% but the conforming MCAI increased, up 0.2%.
Lenders are pulling their least utilized loan programs to alleviate liquidity stress, MBA Vice President and Deputy Chief Economist Joel Kan noted.
“Declining origination volumes have led to lower profitability for many lenders, resulting in narrower loan product offerings to…
Mortgage applications slipped again last week as rates neared 7%, with purchase apps falling to their lowest level since the beginning of June.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 3%, adding to last week’s 1.18% decline.
Adjusted purchase applications fell by 3%, while the unadjusted index dipped 3% from the week before and 26% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.87% to 6.93%, pushing homeownership farther out of reach for many Americans.
“The decline in purchase activity was driven mainly by weaker conventional purchase application volume, as limited housing inventory and rates still close to 7% are…
Mortgage applications decreased last week as rates hovered near 7%.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1.18%, wiping out last week’s 1.1% bump.
Adjusted purchase applications fell by 3%, while the unadjusted index dipped 2% from the week before and 23% lower YOY.
The average interest rate for 30-year fixed loans remained the same as last week at 6.87%, driving the decline in activity.
The FHA share of total applications saw the biggest change, down nearly 10 bps.
These applications fell to a 12.7% share from 13.6%, with an average interest rate of 6.80%, up from 6.77%.
FHA loans tend to do well…
The U.S. Senate has unanimously passed a bill designed to speed up the mortgage process for applications on tribal lands.
The Tribal Trust Land Homeownership Act was introduced by South Dakota Senators John Thune and Mike Rounds in January. It will now move on to the House of Representatives for deliberation.
“Affordable housing opportunities on tribal trust land can be hard to come by in South Dakota and across the nation due in part to the BIA’s challenging mortgage approval process, which can complicate lenders’ ability to provide financing to prospective homebuyers and participate in federal tribal housing programs. Our bipartisan legislation would expedite this mortgage approval process, hold the BIA accountable, and encourage more lenders to provide mortgages across…
