Mortgage applications shot up last week, reversing a slip, as rates remain stable into February.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 3.7%, countering the week prior’s 7.2% dip.
Adjusted purchase applications slipped by 1%, while the unadjusted index increased by 6% and was 19% lower YOY.
Rates actually rose slightly, clocking in at 6.8%, but have stayed in the mid-6% range since the beginning of 2024.
“Mortgage rates have stayed close to where they started the year, despite swings in Treasury yields because of slowing inflation offset by stronger than expected readings on the job market,” said Joel Kan, MBA’s Vice President and…
Purchase applications slipped, breaking a weeks-long upward trend, as rates barely budge and inventory shortages keep prices high.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 7.2%, wiping out the week prior’s 3.7% spike.
Adjusted purchase applications slipped by 11%, while the unadjusted index decreased by 6% and was 20% lower YOY. The data includes an adjustment for the MLK holiday.
Demand may have been tempered by rates ticking up slightly the week prior and hovering at 6.78%. Rates haven’t moved much in the last month, though they remain well below October 2023’s high of 7.9%.
Stock shortages and high home prices are keeping purchase…
Mortgage applications rose again despite rates moving slightly up last week.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – jumped 3.7%, adding to the week prior’s 10.4% spike.
Adjusted purchase applications rose by 8%, while the unadjusted index increased by 3% and was 18% lower YOY.
Demand may have been tempered by rates ticking up slightly from 6.75% to 6.78%. Still, even as buyers remain sensitive to rate movement they do appear to be leaping to lock in rates under 7%.
“Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity. Conventional and FHA purchase applications drove most of the…
The last two weeks of 2023 brought a slump in mortgage applications as buyers continue to grapple with affordability.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell 9.4% from the two weeks prior. The data includes adjustments for the holidays.
Adjusted purchase applications dropped by 5%, while the unadjusted index fell 34% and was 12% lower YOY.
Americans appear to be losing interest in falling rates, which initially sparked some activity in the market. The 30-year fixed ended the year at 6.76%, ticking up very slightly from the week prior but still down more than a full point from its October peak.
MBA Vice President and…
Mortgage applications slipped as the initial shock of falling rates wore off and buyers once again approached the market carefully.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell 1.5%, coming down from the week prior’s 7.4% boost.
Adjusted purchase applications dropped by 1%, while the unadjusted index fell 4% from the week before and was 18% lower YOY.
Americans appear to be losing interest in falling rates, which initially sparked some activity in the market. The 30-year fixed fell to its lowest level since June last week and hit 6.83%.
“At least as of last week, borrowers’ response to this rate move was rather tepid. VA…
Refinance applications drove a spike in mortgage applications last week as rates slipped to nearly 7%.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – saw a 7.4% boost, up from the week prior’s 2.8% increase.
Adjusted purchase applications jumped by 4%, while the unadjusted index fell 1% from the week before and was 18% lower YOY.
The data highlights borrowers’ rate sensitivity, as the 30-year fixed rate slipped to 7.07%, its lowest point since July.
A recent round of positive disinflation data put downward pressure on rates. Analysts feel more optimistic about the possibility of Federal monetary policy changes in 2024.
“Borrowers who had seen rates near…
Mortgage applications increased again last week as cooling inflation and Fed rate expectations pushed mortgage rates down.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 2.8%, up from the week prior’s modest +0.3%.
Adjusted purchase applications fell by 0.3%, while the unadjusted index rose 35% from the week before and was 17% lower YOY.
Falling rates drove the jump, with the 30-year fixed-rate falling to 7.17%, its lowest since August 2023.
MBA Vice President and Deputy Chief Economist Joel Kan pinned the rate cooldown on disinflation and the dwindling possibility of further Fed rate hikes.
The FOMC will meet on December 12-13 and Wall Street…
Mortgage applications rose for yet another week, though the increase was mild compared to previous weeks’ jumps.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by a modest 0.3%.
Adjusted purchase applications rose by 5%, while the unadjusted index slipped 31% from the week before and was 19% lower YOY. An adjustment for Thanksgiving is included in the data.
Mortgage rates slipped to 7.37%, the fourth decline in five weeks and the lowest level in 10 weeks.
“There was a slight increase in applications overall, driven by a five percent increase in purchase applications, but refinance applications decreased over the week,” said Joel Kan, MBA’s Vice…
Mortgage applications jumped last week as rates retreated, sending buyers running to complete deals.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 2.8%.
Adjusted purchase applications rose by 3%, while the unadjusted index slipped 0.3% from the week before and was 12% lower YOY.
Rates held steady at 7.61% after seeing their largest single-week drop in more than a year the week prior, down 30 bps in three weeks.
But while buyers mid-sale benefitted from the cooldown, rates have not dropped enough to entice many off the sidelines.
“Both purchase and refinance applications increased to the highest weekly pace in five weeks but remain at…
Mortgage applications slipped again last week, though ARM applications soared in response to ongoing affordability pressures.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 2.1%, slightly up from the week prior’s 1% dip.
Adjusted purchase applications slipped by 1%, while the unadjusted index fell by 2% from the week before and was 22% lower YOY.
Applications decreased despite the 30-year fixed mortgage cooling slightly to 7.86%, breaking a weeks-long streak of increases. Rates remain close to 23-year highs, however, and all rates are approximately 30 bps higher than a month ago.
“The impact of higher rates continued to be felt across both purchase and refinance…
