Mortgage applications increased 1.2 percent for the week, according to the latest report released Wednesday by the Mortgage Bankers Association. The MBA reports that the Refinance Index increased 4 percent from the previous week and was 2 percent lower than the same week last year. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 2 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 63.3 percent of total applications from 61.3 percent the previous week. The adjustable-rate mortgage share of activity increased to 3.9 percent of total applications. “There continues to be strong demand for buying a home, but persistent supply shortages are constraining purchase activity, and…
The mortgage market was considerably stronger in April than last year at the height of the pandemic, according to the latest monthly report from the Mortgage Bankers Association. Mortgage applications for new home purchases surged 30.8 percent in April from a year ago, while decreasing 9 percent from a month earlier. MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 770,000 units in April 2021. The seasonally adjusted estimate for April is an increase of 7.8 percent from the March pace of 714,000 units. On an unadjusted basis, MBA estimates that there were 72,000 new home sales in April 2021, unchanged from March. By product type, conventional loans composed 72.9 percent of loan applications, FHA…
Mortgage applications increased 2.1 percent for the week amid low rates and high demand for homes, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey. The Refinance Index increased 3 percent from the previous week and was 12 percent lower than the same week one year ago. The unadjusted Purchase Index increased 1 percent from the previous week and was 13 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 61.3 percent of total applications from 61.0 percent the previous week. The adjustable-rate mortgage share of activity decreased to 3.8 percent of total applications. “Mortgage rates fell last week to the lowest levels since February, tracking the dip…
Mortgage applications declined slightly for the week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey released Wednesday. The survey found that overall applications were down 2.5 percent, while the Refinance Index dropped 1 percent for the week and was 18 percent lower than the same week a year ago. The Purchase Index decreased 4 percent for the week and was 34 percent higher than last year. The refinance share of mortgage activity increased to 60.6 percent of total applications from 60.0 percent the previous week. The adjustable-rate mortgage share of activity decreased to 3.5 percent of total applications. “Even with a few weeks of lower rates, most borrowers have likely already refinanced, which is why activity has decreased…
Mortgage applications climbed 8.6 percent for the week ending April 16, according to the latest Weekly Mortgage Applications Survey released Wednesday by the Mortgage Bankers Association. MBA said the Refinance Index increased 10 percent from the previous week and was 23 percent lower than the same week one year ago. The unadjusted Purchase Index increased 7 percent compared with the previous week and was 57 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 60 percent of total applications from 59.2 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 3.6 percent of total applications. “Mortgage rates dropped to their lowest levels in around two months,…
Mortgage applications dropped 3.7 percent for the week ending April 9, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey released Wednesday. The Refinance Index decreased 5 percent for the week and was 31 percent lower than the same week one year ago. The unadjusted Purchase Index decreased 1 percent for the week but was 51 percent higher than the same week in 2020. The refinance share of mortgage activity decreased to 59.2 percent of total applications from 60.3 percent the previous week. The adjustable-rate mortgage share of activity decreased to 3.6 percent of total applications. “The third straight week of declining purchase activity is a sign that rising home prices and tight supply are constraining home sales –…
Mortgage applications slid 5 percent for the week ending April 2 amid higher interest rates, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey. The Refinance Index decreased 5 percent from the previous week and was 20 percent lower than the same week one year ago. The unadjusted Purchase Index decreased 4 percent compared with the previous week and was 51 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 60.3 percent of total applications from 60.6 percent the previous week. The adjustable-rate mortgage share of activity increased to 3.7 percent of total applications. “The return of rates to the highest level since last June contributed to a slowdown…
Mortgage applications dropped 2.2 percent for the week, according to the Mortgage Bankers Association’s weekly mortgage applications survey released Wednesday. For the week ending March 26, the Refinance Index decreased 3 percent from the previous week and was 32 percent lower than the same week in 2020. The Purchase Index dropped 1 percent for the week and was 39 percent higher than a year ago. The refinance share of mortgage activity decreased to 60.6 percent of total applications from 60.9 percent the previous week. The adjustable-rate mortgage share of activity increased to 3.4 percent of total applications. “Many prospective homebuyers this spring are feeling the effects of higher rates and rapidly accelerating home prices,” said Joel Kan, MBA’s Associate Vice…
Mortgage applications slid 2.5 percent in the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey released Wednesday. The survey found that the Refinance Index decreased 5 percent for the week ending March 19 from the previous week and was 13 percent lower than the same week one year ago. The unadjusted Purchase Index increased 3 percent compared with the previous week and was 26 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 60.9 percent of total applications from 62.9 percent the previous week. The adjustable-rate mortgage share of activity increased to 3.2 percent of total applications. “The 30-year fixed mortgage rate increased to 3.36 percent last week and has now risen…
Mortgage applications for new home purchases for February fell by 9 percent for the month – but were 9.2 percent higher than a year earlier, according to a new survey released Tuesday by the Mortgage Bankers Association. “The economy and job market continue to improve, but new home sales activity slowed in February. Builders continue to be confronted with rising input costs and a lack of available lots, causing them to slow production,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 748,000 units in February 2021. The seasonally adjusted estimate for February is a decrease of 17.3 percent from the January…
