Mortgage Applications

Mortgage applications largely held steady in mid-October, while the number refinances remained dramatically higher than a year ago, according to a report released Wednesday by the Mortgage Bankers Association. Overall, applications dropped 0.6 percent for the week ending October 16 – with refinances increasing 0.2 percent from the previous week and purchase applications declining 2 percent. On a year over year basis, refinance applications were up 74 percent and purchase applications were up 26 percent. The refinance share of mortgage activity increased to 66.1 percent of total applications from 65.6 percent the previous week. The adjustable-rate mortgage share of activity decreased to 1.9 percent of total applications. “Homebuyer demand remains strong this fall, but purchase applications did decrease 2 percent,…

While mortgage applications overall were relatively flat, significantly more American homeowners continue to work to take advantage of low interest rates by refinancing their mortgages. The Mortgage Bankers Association weekly survey Wednesday found that mortgage applications decreased 0.7 percent from a week earlier – with the number of refinance applications slipping 0.3 percent while remaining 44 percent higher than a year ago. Purchase applications dropped 1 percent and were 24 percent higher than a year ago. “Refinance and purchase activity continue to run well ahead of last year’s pace, fueled by record-low rates and strong homebuyer demand,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Housing supply is a challenge for many aspiring buyers, but activity…

Mortgage applications increased for the week ending October 2, driven by a surge in refinance requests, according to a report released Wednesday by the Mortgage Bankers Association. Overall, mortgage applications increased 4.6 percent from a week earlier – as refinance applications increased 8 percent and 50 percent from a year ago. Purchase applications slid 1 percent but were 21 percent higher than a year ago. The refinance share of mortgage activity increased to 65.4 percent of total applications from 63.3 percent the previous week. The adjustable-rate mortgage share remained unchanged at 2.2 percent of total applications. “There are signs that demand is waning at the entry-level portion of the market because of supply and affordability hurdles, as well as the…

Mortgage applications remain significantly higher than a year ago amid low rates and high demand for houses and refinances, according to the weekly mortgage applications survey released Wednesday by the Mortgage Bankers Association. For the week ending September 25, purchase applications dropped 2 percent for the week but were 22 percent higher than a year ago. Refinance applications decreased 7 percent for the week and were 52 percent higher than a year ago. Overall, applications dropped 4.8 percent for the week. The refinance share of mortgage applications decreased to 63.3 percent from 64.3 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 2.2 percent of total applications. “Even as pent-up demand from earlier in the year…

Applications for home mortgage purchases increased 13 percent from the previous week and 25 percent over a year ago, according to a report released Wednesday by the Mortgage Bankers Association. Adjusted for the Labor Day holiday, purchase applications were up 3 percent for the week. Overall, applications were up 6.8 percent for the week – including a 9 percent increase for refinance applications. Compared to a year ago, refinance applications were 86 percent higher. The refinance share of mortgage activity increased to 64.3 percent of total applications from 62.8 percent the previous week. The adjustable-rate mortgage share of activity decreased to 2.2 percent of total applications. “Mortgage applications activity remained strong last week, even as the 30-year fixed-rate mortgage and…

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 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 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 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…