Driven By Refis, Mortgage Applications Increase

Mortgage applications increased last week amid record-low interest rates and high demand for a limited number of homes on the market, the Mortgage Bankers Association announced Wednesday. MBA’s weekly survey found that applications overall increased 3.9 percent, with refinances up 5 percent for the week and 79 percent over a year ago. Purchase applications declined 2 percent and were up 19 percent over the same period of 2019. “Amidst strong competition for a limited supply of homes for sale, as well as rapidly increasing home prices, purchase applications increased for both conventional and government borrowers,” said Joel Kan, MBA’s associate vice president of industry and economic forecasting. The refinance share of mortgage activity increased to 71.1 percent of total applications…

Mortgage Applications Flat For Week

Mortgage applications held largely steady again, with a decrease of 0.3 percent for the week ending November 13, according to a report released Wednesday by the Mortgage Bankers Association. Purchase applications dipped 1 percent for the week but were 26 percent higher than a year ago, while refinance applications fell 2 percent for the week and were 98 percent higher than a year ago. “The refinance index decreased last week – driven by sharp declines in FHA and VA applications – but remained a robust 98 percent above a year ago. The average refinance loan balance of $291,000 last week was the lowest since January. Many borrowers with higher loan balances may have acted earlier on in the current refinance…

2020 Remains Strong Year For Mortgages

Mortgage applications edged up 3.8 percent for the week, as refinances and home purchases remain significantly higher than a year ago, according to a new report released Wednesday by the Mortgage Bankers Association. For the week ending October 30, refinances increased 6 percent from the previous week and were 88 percent higher than a year ago. Purchase applications were down 3 percent for the week but remained 25 percent higher than last year. The refinance share of mortgage activity increased to 68.7 percent of total applications from 66.7 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 2.1 percent of total applications. “After a solid stretch of purchase applications growth, activity decreased for the fifth time…

Weekly Mortgage Applications Increase

Mortgage applications increased slightly in the latest weekly report released Wednesday by the Mortgage Bankers Association. The survey found: Mortgage applications for the week ending October 23 increased 1.7 percent from a week earlier.The Refinance Index increased 3 percent from the previous week and was 80 percent higher than the same week a year ago.The Purchase Index decreased 0.3 percent from the previous week and was 24 percent higher than the same week a year ago.The refinance share of mortgage activity increased to 66.7 percent of total applications from 66.1 percent the previous week.The adjustable-rate mortgage share of activity increased to 2.1 percent of total applications.    “Mortgage applications to buy a home were flat compared to the prior week,…

Mortgage Applications Hold Steady For Week

Mortgage applications largely held steady in mid-October, while the number refinances remained dramatically higher than a year ago, according to a report released Wednesday by the Mortgage Bankers Association. Overall, applications dropped 0.6 percent for the week ending October 16 – with refinances increasing 0.2 percent from the previous week and purchase applications declining 2 percent. On a year over year basis, refinance applications were up 74 percent and purchase applications were up 26 percent. The refinance share of mortgage activity increased to 66.1 percent of total applications from 65.6 percent the previous week. The adjustable-rate mortgage share of activity decreased to 1.9 percent of total applications. “Homebuyer demand remains strong this fall, but purchase applications did decrease 2 percent,…

Refinance Market Remains Strong

While mortgage applications overall were relatively flat, significantly more American homeowners continue to work to take advantage of low interest rates by refinancing their mortgages. The Mortgage Bankers Association weekly survey Wednesday found that mortgage applications decreased 0.7 percent from a week earlier – with the number of refinance applications slipping 0.3 percent while remaining 44 percent higher than a year ago. Purchase applications dropped 1 percent and were 24 percent higher than a year ago. “Refinance and purchase activity continue to run well ahead of last year’s pace, fueled by record-low rates and strong homebuyer demand,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Housing supply is a challenge for many aspiring buyers, but activity…

Mortgage Applications Up 4.6% For Week

Mortgage applications increased for the week ending October 2, driven by a surge in refinance requests, according to a report released Wednesday by the Mortgage Bankers Association. Overall, mortgage applications increased 4.6 percent from a week earlier – as refinance applications increased 8 percent and 50 percent from a year ago. Purchase applications slid 1 percent but were 21 percent higher than a year ago. The refinance share of mortgage activity increased to 65.4 percent of total applications from 63.3 percent the previous week. The adjustable-rate mortgage share remained unchanged at 2.2 percent of total applications. “There are signs that demand is waning at the entry-level portion of the market because of supply and affordability hurdles, as well as the…

Mortgage Apps Drop For Week, Remain Up For Year

Mortgage applications remain significantly higher than a year ago amid low rates and high demand for houses and refinances, according to the weekly mortgage applications survey released Wednesday by the Mortgage Bankers Association. For the week ending September 25, purchase applications dropped 2 percent for the week but were 22 percent higher than a year ago. Refinance applications decreased 7 percent for the week and were 52 percent higher than a year ago. Overall, applications dropped 4.8 percent for the week. The refinance share of mortgage applications decreased to 63.3 percent from 64.3 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 2.2 percent of total applications. “Even as pent-up demand from earlier in the year…

Mortgage Applications Up Again Last Week

Applications for home mortgage purchases increased 13 percent from the previous week and 25 percent over a year ago, according to a report released Wednesday by the Mortgage Bankers Association. Adjusted for the Labor Day holiday, purchase applications were up 3 percent for the week. Overall, applications were up 6.8 percent for the week – including a 9 percent increase for refinance applications. Compared to a year ago, refinance applications were 86 percent higher. The refinance share of mortgage activity increased to 64.3 percent of total applications from 62.8 percent the previous week. The adjustable-rate mortgage share of activity decreased to 2.2 percent of total applications. “Mortgage applications activity remained strong last week, even as the 30-year fixed-rate mortgage and…

Mortgage Applications Dip In Latest Survey

Mortgage applications slid slightly last week though remained higher than a year ago, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey released Wednesday. Applications dropped 2.5 percent from one week earlier for the week ending September 11. The Refinance Index decreased 4 percent but was 30 percent higher than last year. The Purchase Index was 12 percent lower but was 6 percent higher than a year ago. “Mortgage rates held steady last week, and the 30-year fixed rate – at 3.07 percent – has now stayed near the 3 percent mark for the past two months. A 5 percent decline in conventional refinances pulled the overall index lower, but activity was still 30 percent higher than last year.…