Mortgage applications slipped again last week as rates neared 7%, with purchase apps falling to their lowest level since the beginning of June.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 3%, adding to last week’s 1.18% decline.
Adjusted purchase applications fell by 3%, while the unadjusted index dipped 3% from the week before and 26% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.87% to 6.93%, pushing homeownership farther out of reach for many Americans.
“The decline in purchase activity was driven mainly by weaker conventional purchase application volume, as limited housing inventory and rates still close to 7% are…
Mortgage applications decreased last week as rates hovered near 7%.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1.18%, wiping out last week’s 1.1% bump.
Adjusted purchase applications fell by 3%, while the unadjusted index dipped 2% from the week before and 23% lower YOY.
The average interest rate for 30-year fixed loans remained the same as last week at 6.87%, driving the decline in activity.
The FHA share of total applications saw the biggest change, down nearly 10 bps.
These applications fell to a 12.7% share from 13.6%, with an average interest rate of 6.80%, up from 6.77%.
FHA loans tend to do well…
Mortgage applications increased again last week as rates cooled, though constrained inventory kept purchase activity down.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 1.1%, improving slightly after the week prior’s 0.9% bump.
Adjusted purchase applications fell by 1%, but the unadjusted index was up 24% from the week before and 21% lower YOY.
Application activity benefited from a slight reprieve in rates. The average interest rate for 30-year fixed loans finally retreated, falling from 7.07% to 6.87%.
Refinances saw a boost as rates cooled a bit, up 7% from the week prior. They remain 32% lower than the same time last year, comprising only…
After an uptick last week, mortgage applications sank again, falling to their lowest level in a month as rates surged.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 4.4%, wiping out last week’s 3% gains.
Adjusted purchase applications fell by 5%, though the unadjusted index rose 6% from the week before and 22% lower YOY.
Refinances dropped, down 4% from the week prior. They remain 30% lower than the same time last year, comprising only 27.4% of total applications. In the past decade, refis averaged 58% of total activity.
The average interest rate for 30-year fixed loans rose from 6.75% to 6.85%. This is the…
Mortgage applications increased last week, with purchase applications reaching their highest level of activity since May.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 3%.
Adjusted purchase applications rose by 3%, though the unadjusted index was down 8% from the week before and 21% lower YOY.
Refinances rose, up 3% from the week prior. They remain 32% lower than the same time last year, comprising only 27.2% of total applications. In the past decade, refis averaged 58% of total activity.
The average interest rate for 30-year fixed loans rose from 6.73% to 6.75%, breaking a three-week streak of declines.
MBA VP and Deputy Chief Economist…
Only about half of American non-homeowners are confident they’ll be able to own one someday, a sign that the affordability crisis is taking its toll on potential buyers.
A new survey conducted by OnePoll on behalf of Divvy Homes found that, of 2,000 respondents, just 53% are confident they can own a home one day.
Another 40% believe a lottery win is the only way they can afford a home, while others said they’d need to inherit money (26%) or marry rich (19%).
“A majority of aspiring homebuyers feel that homeownership is always just beyond their reach, that the ‘American Dream’ of homeownership is slipping away, and that it would take luck, extraordinary circumstances, or a serious change in the…
Mortgage applications just barely stayed positive last week, ticking up slightly.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 0.5%.
Adjusted purchase applications rose by 2%, while the unadjusted index was down 0.1% from the week before and 32% lower YOY.
The average interest rate for 30-year fixed loans fell for a third week from 6.77% to 6.73%.
Though it’s not a huge drop, any dip will pull some rate-sensitive buyers off the sidelines. This is especially true for new construction, which is having a boom moment thanks to the crippling shortage of existing homes for sale.
“Purchase applications increased, driven by a 2% gain…
Mortgage applications turned around after four weeks of declines as rates dipped slightly.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 7.2%.
Adjusted purchase applications rose by 8%, while the unadjusted index was up 17% from the week before and 27% lower YOY.
The average interest rate for 30-year fixed loans fell for a second week from 6.81% to 6.77%.
Though it’s not a huge drop, any dip will pull some rate-sensitive buyers off the sidelines.
“Rates that are still more than a percentage point higher than a year ago, and low for-sale inventory continue to constrain homebuying activity in many markets. The average loan…
Mortgage applications fell for a fourth consecutive week, even as rates retreated from near-7% highs.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1.4%.
Adjusted purchase applications fell by 2%, while the unadjusted index was down 13% from the week before and 27% lower YOY.
Rates took a turn, however, with the average interest rate for 30-year fixed loans falling 10 bps from 6.91% to 6.81%. Though that’s good news for home shoppers who can’t wait for a major shift in rates, it’s still the second-highest rate of 2023.
“Overall applications were more than 30% lower than a year ago, as borrowers continue to grapple…
Mortgage applications fell again last week as borrowers recoil in the face of rising rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 4.6%, adding to last week’s drag.
Adjusted purchase applications fell by 4%, while the unadjusted index was down 5% from the week before and 30% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.57% to 6.69%, the highest level since March.
“Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications. Refinance activity remains limited, with the refinance index falling to its lowest level in two months…
