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.…

Mortgage Applications 33% Higher Than Year Ago

Mortgage applications for new home purchases in August were up 33 percent over a year ago, though were slightly lower than in July, according to the Mortgage Bankers Association monthly Builder Application Survey released Tuesday. The seasonally adjusted estimate for August decreased 2.1 percent from the July pace. On an unadjusted basis, MBA estimates that there were 68,000 new home sales in August 2020, a decrease of 5.6 percent from 72,000 new home sales in July.  Conventional loans composed 69.1 percent of loan applications, FHA loans composed 19.2 percent, RHS/USDA loans composed 1.1 percent and VA loans composed 10.5 percent. The average loan size of new homes increased from $345,929 in July to $348,576 in August. “The housing market continued…

Mortgage Applications Edge Upward For Week

Mortgage applications increased slightly for the week while remaining significantly higher than last year’s levels, according to the weekly Mortgage Applications Survey released Wednesday by the Mortgage Bankers Association. Overall, mortgage applications were up 2.9 percent for the week ending September 4. Refinances were up 3 percent from the previous week and were 60 percent higher than last year at this time. Purchase applications were up 0.2 percent for the week and 40 percent for the year.  “There continues to be resiliency in the purchase market,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Applications were up almost 3 percent on a weekly basis and the average loan size continued to increase, hitting a survey high…

Mortgage Applications End August Down Slightly

Mortgage applications dipped ever so slightly in the last week of August but remained significantly higher than a year ago, according to the weekly survey released Wednesday by the Mortgage Bankers Association. Overall, applications were down 2 percent for the week ending August 28. Refinance applications were down 3 percent for the week but were still 40 percent higher than the same week a year ago, while purchase applications were down 0.2 percent for the week but 28 percent higher than 2019 levels. The refinance share of mortgage activity decreased to 62.5 percent of total applications from 62.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity remained unchanged at 2.6 percent of total applications.  “Both conventional and…

Mortgage Applications 33% Higher Than Last Year

Mortgage applications were up 33 percent from a year ago, according to a report released Wednesday by the Mortgage Bankers Association. Purchase applications were down 2 percent from the previous week while remaining significantly higher than a year ago. The Refinance Index was down 10 percent from the previous week but was 34 percent higher than 2019 levels. Overall, mortgage applications were down 6.5 percent for the week ending Aug. 21. “The home purchase market remains a bright spot for the overall economy,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Purchase applications were essentially unchanged but were 33 percent higher than a year ago – the 14th straight week of year-over-year gains. Mortgage rates at…

Mortgage Applications Decrease

Mortgage applications dropped 3.3 percent last week, the Mortgage Bankers Association announced Wednesday. For the week ending Aug. 14, purchase applications were down 1 percent from the week before – but were 27 percent higher than the same week last year. The Refinance Index dropped 5 percent from the previous week but was 38 percent higher than last year. “The housing market remains a bright spot in the current economic recovery and these results, combined with July data on housing starts and homebuilder optimism, suggest that housing supply could be increasing to better meet the strong demand for buying a home,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. The refinance share of mortgage activity decreased to…

Mortgage Applications Increase Amid Low Rates

People are still applying for mortgages at a rate significantly higher than last year. Mortgage applications were up 6.8 percent last week from a week earlier – while purchase applications were up 22 percent from the same year ago and refinance applications were up 47 percent from a year ago, according to a report released Wednesday by the Mortgage Bankers Association. “While this was still positive news for the purchase market, the gradual slowdown in the improvement in the job market and tight housing inventory remain a concern for the coming months, even as low mortgage rates continue to provide support,” said Joel Kan, MBA’s Vice President of Economic and Industry Forecasting. The refinance share of mortgage activity increased to…

Weekly Mortgage Applications Decline

Mortgage applications dropped 5.1 percent last week, according to a new report released Wednesday by the Mortgage Bankers Association. The Refinance Index decreased 7 percent from the previous week but was 84 percent higher than the same week a year ago, while the Purchase Index dipped 2 percent for the week and was 22 percent higher than last year. “Mortgage rates dropped to another record low last week, falling below the previous record set three weeks ago to 3.14 percent. Refinance activity decreased – despite the decline in rates – but the current pace remains more than 80 percent higher than a year ago when rates were over 4 percent,” said Joel Kan, MBA’s Associate Vice President of Economic and…

Mortgage Applications Down For The Week

Mortgage applications dipped ever so slightly for the week ending July 24, down 0.8 percent from a week earlier, according to a report released Wednesday by the Mortgage Bankers Association. MBA found that the Refinance Index decreased 0.4 percent from the previous week and was 121 percent higher than a year ago. The unadjusted Purchase Index decreased 1 percent and was 21 percent higher than a year ago.“Mortgage rates remained near record lows for conventional loans last week, and refinances in the conventional sector continued to slightly increase. However, rates on FHA loans rose, leading to an almost 18 percent drop in FHA refinances,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Homebuyers stepped back slightly, and there…

Purchase Applications Up For 9th Straight Week

Mortgage applications increased 4.1 percent last week, driven by new refinance requests and a slight increase in new purchase applications, according to a report released Wednesday by the Mortgage Bankers Association. For the week ending July 17, purchase applications were up 2 percent from the week before – and 19 percent higher than last year at this time. Refinance applications were 5 percent higher for the week and 122 percent higher than last year. “There continues to be strong homebuyer demand this summer, as home shoppers have returned to the market in many states,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Purchase activity increased again last week and was up 19 percent compared to last…