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…
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…
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 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…
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…
Mortgage applications increased 5.1 percent from the week before as rates continue to sit at historic lows and the housing market pushes its way through the coronavirus pandemic, according to a report released Wednesday by the Mortgage Bankers Association. For the week ending July 10, the seasonally adjusted Market Composite Index showed a 12 percent increase in refinances and a 5 percent increase in purchase applications (on an unadjusted basis, while it was down 6 percent on an adjusted basis). The Purchase Index was 16 percent higher than the same week a year ago. “The drop in rates led to a jump in refinance activity to the highest level in a month, with refinance loan balances also climbing to a…
New home mortgage applications jumped 54.1 percent in June over a year ago, according to a report released Tuesday by the Mortgage Bankers Association. The MBA’s Builder Application Survey found that applications for new home purchases also increased 20 percent over May as the housing market moved forward from the absolute lows of the coronavirus pandemic. “The new home purchase market continues to recover … (and is) another piece of data indicating that homebuying activity that was delayed by the pandemic in March and April is just being realized later in the season,” 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…
As interest rates sit at record lows, mortgage applications increased slightly last week, according to a report released Wednesday by the Mortgage Bankers Association. The MBA’s Weekly Mortgage Application Survey found that applications increased 2.2 percent for the week ending July 3. The Purchase Index was up 5 percent (on an adjusted basis) from the week before and 33 percent higher than a year ago. “Mortgage rates declined to another record low as renewed fears of a coronavirus resurgence offset the impacts from a week of mostly positive economic data, such as June factory orders and payroll employment,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. The Refinance Index was up 0.4 percent from the previous…
Mortgage applications for home purchases and refinances dipped slightly last week, according to a report released Wednesday by the Mortgage Bankers Association. Total applications decreased 1.8 percent for the week ending June 26, the Weekly Mortgage Applications Survey found. The Refinance Index decreased 2 percent from the previous week, though remained 74 percent higher than a year ago. The Purchase Index dropped 2 percent for the week but was 15 percent higher than the same week a year ago. “After two months of strong growth, purchase applications declined for the second week in a row,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The weakening in activity is potentially a signal that pent-up demand is starting…
The streak is over. After nine straight weeks of increases, the number of mortgage applications for home purchases decreased by 4 percent for the week ending June 19 – though remained 18 percent higher than a year ago. Overall, mortgage applications dropped 8.7 percent from a week earlier. “Even with high unemployment and economic uncertainty, the purchase market is strong,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting “Activity has climbed above year-ago levels for five straight weeks and was 18 percent higher than a year ago last week.” MBA said refinance applications decreased 12 percent from the previous week and was 76 percent higher than the same week one year ago. The refinance share of…
