Mortgage applications fell again last week as borrowers recoil in the face of rising rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 4.6%, adding to last week’s drag.
Adjusted purchase applications fell by 4%, while the unadjusted index was down 5% from the week before and 30% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.57% to 6.69%, the highest level since March.
“Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications. Refinance activity remains limited, with the refinance index falling to its lowest level in two months…
Mortgage applications rose last week across the board as rates dipped in the wake of positive news from the Fed.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 6.3%, changing course after last week’s 1.2% decrease.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 5.3% from the week before and 32% lower YOY.
The average interest rate for 30-year fixed loans dipped from 6.50% to 6.48%.
Refinances also showed movement, up 10% from the week prior. They remain 44% lower than the same time last year, however, comprising only 28% of total applications.
In the past decade, refis averaged 58% of…
Mortgage rates fell last week on the heels of the FOMC’s May meeting.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, down from 6.43% the week prior.
A year ago at this time, the 30-year FRM averaged 5.27%.
The 15-year fixed-rate mortgage increased as well, to 5.76% from 5.71%. A year ago, it averaged 4.52%.
“This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook,” said Sam Khater, Freddie Mac’s Chief Economist.
“Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating…
Mortgage applications fell last week even as rates dipped for the first time in three weeks.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1.2%, changing course after last week’s 3.7% increase.
Adjusted purchase applications fell by 2%, while the unadjusted index was down 1% from the week before and 32% lower YOY.
The average interest rate for 30-year fixed loans dipped from 6.55% to 6.50%, 114 bps higher than the same time last year.
“Elevated rates continue to both impact homebuyer affordability and weaken demand for refinancing. Home purchase activity has been very sensitive to rates and local market trends, including the very low…
Pending home sales sank in March as rate-sensitive buyers continued to skirt the market, according to the National Association of Realtors.
NAR’s Pending Home Sales Index declined by 5.2% between February and March. Year-over-year, it dropped by 23.2%.
All four regions saw pending sales fall YOY, and three of the four saw contract signings shrink. Signings increased slightly in the South as the region continues to attract buyers chasing affordability and sunny weather.
NAR Chief Economist Lawrence Yun pointed to tight inventory as the main hindrance to sales.
“Multiple offers are still occurring on about a third of all listings, and 28% of homes are selling above list price. Limited housing supply is simply not meeting demand nationally,” he said.…
Mortgage applications rose last week despite rates jumping to their highest point in more than a month.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 3.7%, changing course after last week’s 8.8% decrease.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 6% from the week before and 28% lower YOY.
The average interest rate for 30-year fixed loans jumped from 6.43% to 6.55%, a second week of increases and the highest level in more than a month.
“Both conventional and government home purchase applications increased last week. However, activity was still nearly 28% below last year’s pace, as high mortgage rates…
Interest rates increased last week for the first time in more than a month, pushing mortgage applications down.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 8.8%, outstripping last week’s 5.3% increase.
Adjusted purchase applications fell by 10%, while the unadjusted index was down 9% from the week before and 36% lower YOY.
The average interest rate for 30-year fixed loans jumped from 6.30% to 6.43% after ticking down consistently since bank failures last month.
MBA Vice President and Deputy Chief Economist Joel Kan noted that an influx of first-time buyers in the market adds to rate sensitivity, as these buyers lack the flexibility of…
Mortgage applications righted themselves last week after a brief dip as buyers took advantage of cooling rates.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 5.3%, outstripping last week’s 4.1% decline.
Adjusted purchase applications rose by 8%, while the unadjusted index was up 9% from the week before and 31% lower YOY.
The average interest rate for 30-year fixed loans fell from 6.40% to 6.30%. This is the lowest level in two months. MBA’s SVP and Chief Economist Mike Fratantoni attributed this to slowing job market data released last week. Slowing employment leads to less demand for housing, typically pushing rates down, and vice versa.…
Mortgage applications reversed after a month of increases despite declining rates, a rocky start to the typically robust spring buying season.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 4.1%.
Adjusted purchase applications dropped by 4%, while the unadjusted index was down 3% from the week before and 35% lower YOY.
Mortgage rates fell slightly, with the average interest rate for 30-year fixed loans down from 6.45% to 6.40%. This is the lowest level in more than a month.
Jumbo rates increased, however, from 6.27% to 6.36%.
“While we have seen relative weakness at the high end of the housing market in recent months, the…
Mortgage applications increased for a fourth week, inching up as home price indicators show decelerating growth.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 2.9%, close to last week’s 3% increase.
Adjusted purchase applications increased by 2%, while the unadjusted index was up 2% from the week before and 35% lower YOY.
Mortgage rates fell slightly, with the average interest rate for 30-year fixed loans down from 6.48% to 6.45%. This is the lowest level in more than a month.
“While the 30-year fixed rate remained 1.65 percentage points higher than a year ago, homebuyers responded, leading to a fourth straight increase in purchase applications,”…
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