Mortgage Applications Increase Slightly

As interest rates sit at record lows, mortgage applications increased slightly last week, according to a report released Wednesday by the Mortgage Bankers Association. The MBA’s Weekly Mortgage Application Survey found that applications increased 2.2 percent for the week ending July 3. The Purchase Index was up 5 percent (on an adjusted basis) from the week before and 33 percent higher than a year ago. “Mortgage rates declined to another record low as renewed fears of a coronavirus resurgence offset the impacts from a week of mostly positive economic data, such as June factory orders and payroll employment,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.  The Refinance Index was up 0.4 percent from the previous…

Mortgage Applications Fall As Inventory Tightens

Mortgage applications for home purchases and refinances dipped slightly last week, according to a report released Wednesday by the Mortgage Bankers Association. Total applications decreased 1.8 percent for the week ending June 26, the Weekly Mortgage Applications Survey found. The Refinance Index decreased 2 percent from the previous week, though remained 74 percent higher than a year ago. The Purchase Index dropped 2 percent for the week but was 15 percent higher than the same week a year ago. “After two months of strong growth, purchase applications declined for the second week in a row,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The weakening in activity is potentially a signal that pent-up demand is starting…

Streak Ends: Mortgage Applications Drop

The streak is over. After nine straight weeks of increases, the number of mortgage applications for home purchases decreased by 4 percent for the week ending June 19 – though remained 18 percent higher than a year ago. Overall, mortgage applications dropped 8.7 percent from a week earlier. “Even with high unemployment and economic uncertainty, the purchase market is strong,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting “Activity has climbed above year-ago levels for five straight weeks and was 18 percent higher than a year ago last week.” MBA said refinance applications decreased 12 percent from the previous week and was 76 percent higher than the same week one year ago. The refinance share of…

Mortgage Applications: Highest Level In 11 Years

Mortgage loan purchase applications reached their level since 2009 as the housing market continues to make a comeback from the COVID-19 pandemic, the Mortgage Bankers Association announced Wednesday. Overall, mortgage applications increased 8 percent from a week earlier. Purchase applications increased 2 percent from a week earlier and was 21 percent higher than the same week a year ago. It is the ninth straight week purchase applications have increased. “The housing market continues to experience the release of unrealized pent-up demand from earlier this spring, as well as a gradual improvement in consumer confidence,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. Refinance applications increased 10 percent from the previous week and was 106 percent higher…

New Home Mortgage Applications Jump In May

Mortgage applications for new home purchases increased 10.9 percent in May over a year ago, according to the Mortgage Bankers Association’s builder application survey released Tuesday. Applications also increased 26 percent over April, MBA said. “The solid increase in new home purchase applications in May is another indication of a recovery in the housing market,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “MBA estimates that new home sales rebounded 26 percent last month – a healthy turnaround after three months of declines.” MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 672,000 units in May 2020, based on data from the survey. The new home sales estimate is derived…

8 Weeks Straight: Mortgage Applications Up Again

Mortgage applications for home purchases increased for the eighth straight week as the housing market continues to take steps forward from the depths of the coronavirus pandemic. For the week ending June 5, purchase applications increased 15 percent on unadjusted basis over the week before and 13 percent than a year ago. Overall, all mortgage applications increased 20 percent for the week on an unadjusted basis – and 13 percent over the same week a year ago. “Fueled again by low mortgage rates, pent-up demand from earlier this spring, and states reopening across the country, purchase mortgage applications and refinances both increased. The recovery in the purchase market continues to gain steam, with the seasonally adjusted index rising to its…

Mortgage Apps Up For 7th Straight Week

Seven weeks and counting. Mortgage applications for new home purchases increased by 5 percent for the week ending May 29 – the seventh straight week purchase applications have increased, according to a report released Wednesday by the Mortgage Bankers Association. The MBA’s Purchase Index also was 18 percent higher than the same week a year ago. “The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “However, there are still many households affected by the widespread job losses and current economic downturn. High unemployment and low housing supply may restrain a more meaningful rebound in purchase…

Mortgage Applications Up For 6th Straight Week

Mortgage applications for new home purchases continued their rebound last week, another sign the housing market is moving forward after economic shutdowns caused by the coronavirus pandemic. For the week ending May 22, The Mortgage Bankers Association’s Weekly Mortgage Applications Survey found that the purchase index increased 9 percent over the week before – the sixth straight weekly increase. Overall, mortgage applications increased 2.7 percent for the week. “The housing market is continuing its path to recovery as various states reopen, leading to more buyers resuming their home search,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. The Refinance Index decreased 0.2 percent from the previous week and was 176 percent higher than the same week…

Home Purchase Mortgage Applications Rise Again

By Jim Perskie Applications for mortgages for home purchases increased for the fifth straight week as the housing market continues to make tentative steps forward amid the coronavirus pandemic, the Mortgage Bankers Association announced Wednesday. MBA’s Weekly Mortgage Applications Survey showed that the Purchase Index for the week ending May 15 increased 6 percent over a week earlier, though it was slightly lower than a year ago. “Applications for home purchases continue to recover from April’s sizeable drop and have now increased for five consecutive weeks. Purchase activity – which was 35 percent below year-ago levels six weeks ago – increased across all loan types and was only 1.5 percent lower than last year,” said Joel Kan, MBA’s Associate Vice…

Mortgage Applications Climb Again

Mortgage applications for home purchases increased 11 percent last week, the latest sign that the housing market is taking early steps forward during the coronavirus pandemic. The Mortgage Bankers Associations Weekly Mortgage Applications Survey released Wednesday found that the number of purchase applications was 10 percent lower than the same week a year ago. Overall, total mortgage applications – including refinancing – increased 0.3 percent from a week earlier.  “We expect this positive purchase trend to continue – at varying rates across the country – as states gradually loosen social distancing measures, and some of the pent-up demand for housing returns in what is typically the final weeks of the spring home buying season,” said Joel Kan, MBA’s Associate Vice…