Mortgage rates ticked up last week as economic data revealed a still-growing economy, forcing applications down slightly. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — shrank by 1.3%, reversing from the week prior’s 11% jump. Mortgage rates increased marginally to 6.14%…
Mortgage applications slipped further last week as refinances stalled after a brief boost. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 3.9%, adding to a 2.2% dip the week prior. Adjusted purchase applications decreased by 2%, while the unadjusted…
By ERIN FLYNN JAY The concept of mortgage porting, or transferring the terms of an existing loan over to a new property, has gained popularity as Americans locked into low interest rates try to figure out ways to navigate the current housing market. It is estimated that trading up to a 25% more expensive home…
Mortgage applications pulled back from a weeks-long stretch of declines, increasing last week across the board. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index—a measure of mortgage loan application volume—increased by 9.7%, reversing the week prior’s 5.6% dip. Adjusted purchase applications rose by 11%, while the unadjusted index was up…
Rising rates sent mortgage applications spiraling last week, sidelining homebuyers and forcing refis to a standstill. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 10.6%, piling onto the week prior’s 2.3% dip. Adjusted purchase applications slipped by 10%, while the…
Mortgage applications are swinging up and down, falling last week as rates posted increases. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 2.3%, countering the week prior’s 3.7% rise. Adjusted purchase applications slipped by 3%, while the unadjusted index increased…
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…
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…
By KIMBERLEY HAAS Mortgage originations are expected to decline in 2023 as market factors continue to present challenges for those in the industry. Michael Fratantoni, the Mortgage Bankers Association’s chief economist and senior vice president of research and industry technology, said during a session at the National Advocacy Conference in Washington, DC, this week that…
Mortgage loan application volume saw a double-digit increase last week as sinking rates led to a purchase demand rebound. The Mortgage Bankers Association’s weekly survey showed the adjusted Market Composite Index, a measure of mortgage loan application volume, jumped by 27.9%. Purchase demand increased at a seasonally adjusted rate of 25% and an unadjusted rate…
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