Mortgage applications declined last week as rates soared to a new high for 2024.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 2.7%.
Adjusted purchase applications slipped by 1%, while the unadjusted index was up 0.2% and 15% lower YOY.
Homebuyers are facing the highest rates of the year, with the 30-year fixed rate jumping to 7.24%. This is their highest point since late 2023.
“Purchase applications declined, as homebuyers delayed their purchase decisions due to strained affordability and low supply,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
Notably, the share of ARM applications shot up to 7.6% as buyers looked…
Mortgage applications ticked up slightly last week, buoyed by a refi boost as purchase applications tanked in the face of 7% rates.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 0.1%, following the week prior’s 0.6% slip.
Adjusted purchase applications fell by 5%, while the unadjusted index was down 4% and 23% lower YOY.
Rates took a turn upward in the face of a surprisingly strong unemployment report and continued inflation stickiness, rising to 7.01%, their highest point in more than a month.
“Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Inflation remains stubbornly…
Mortgage applications slipped again as rates stayed put in the high 6%s, keeping affordability at the forefront of buyers’ minds.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — decreased by 0.6%, following the week prior’s 0.7% slip.
Adjusted purchase applications slipped by 0.1%, while the unadjusted index was up 1% and 13% lower YOY.
Rates pulled back slightly, clocking in at 6.91% and the 15-year fixed rate fell to its lowest level in two months, 6.35%. But both are high enough to deter borrowers, according to MBA Vice President and Deputy Chief Economist Joel Kan.
“Elevated mortgage rates continued to weigh down on home buying. Purchase…
Mortgage applications are down for a second week even as rates fell slightly.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — decreased by 0.7%, following the week prior’s 1.6% slip.
Adjusted purchase applications slipped by 0.2%, while the unadjusted index was up 2% and 16% lower YOY.
Rates pulled back slightly, clocking in at 6.93%, but remained high enough to deter borrowers, according to MBA Vice President and Deputy Chief Economist Joel Kan.
“Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market,” he added.
“Lower rates should help to free up additional…
Mortgage applications are yo-yoing as affordability-minded buyers respond to fluctuating rates.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — decreased by 1.6%, following the week prior’s 7.1% bump.
Adjusted purchase applications slipped by 1%, while the unadjusted index was down 1% and 14% lower YOY.
Rates drove the downturn, as they jumped to 6.97% after three weeks of decreases. Too-hot inflation data is moving rates around, though they have mostly stayed in the mid- to high-6’s.
“Mortgage applications continued to show sensitivity to rate movements, and both purchase and refinance activity decreased over the week. With housing supply low and prices high, the average loan size…
Mortgage applications increased for a second week as rates retreated from 7%.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 7.1%, following the week prior’s 9.7% bump.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 6% and 11% lower YOY.
“Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months,” said Mike Fratantoni, MBA’s SVP and Chief Economist.
Nonfarm payrolls rose by 275,000 in February while the…
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 by 13% and was 8% lower YOY. The data is adjusted to include the President’s Day holiday.
Rates moved down slightly but not by much, reaching 7.02%. This is elevated from the beginning of the year, but rate-sensitive buyers may be inclined to lock in here before they move any higher.
“The latest data on inflation was not markedly better nor worse than expected, which…
Mortgage applications fell for another week as rates remained above 7% and high home prices kept buyers on the bench.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 5.6%, piling onto the week prior’s 10.6% dip.
Adjusted purchase applications slipped by 5%, while the unadjusted index was down by 1% and was 12% lower YOY.
Rates shot moved down slightly but not by much, coming in at 7.04%. MBA’s SVP and Chief Economist Mike Fratantoni noted that this is about a quarter percentage point above the beginning of the year.
“Higher rates in recent weeks have stalled activity, and last week it dropped more for…
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 unadjusted index was down by 6% and was 13% lower YOY.
Rates shot up to 7.06% on the heels of less-than-ideal inflation data from January. The Fed’s preferred inflation index came in hotter than expected for January, and Wall Street pared back its bets on rate cuts from the Central Bank, now predicting they won’t come until at least May.
“The much-anticipated CPI report is…
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 by 4% and was 12% lower YOY.
Rates rose to 6.87%, their highest point since December, but have stayed in the mid-6% range since the beginning of 2024.
“Purchase applications remained subdued as elevated rates continue to add to affordability challenges along with still-low existing housing inventory. Refinance applications declined and remained depressed, with rates still higher than a year ago,” said Joel Kan, MBA’s…
