Mortgage loan application volume rose last week, responding to a dip in rates, according to the Mortgage Bankers Association’s weekly survey. The adjusted Market Composite Index, a measure of mortgage loan application volume, increased by 2.7%. The 30-year fixed rate once again fell below 7%, propelling potential buyers into action. Rates have been going back and forth between the high 6.90s and low 7s for several weeks. This drop from 7.14% to 6.90% is the largest single-week decline since July 2022. The adjusted purchase index rose 4%, while the unadjusted purchase index decreased by 10% and was 46% lower YOY. “Application activity, adjusted to account for the Veterans Day holiday, increased in response to the drop in rates – driven…
Mortgage loan application volume dipped just slightly last week, continuing a weeks-long trend of relative calm, according to the Mortgage Bankers Association’s weekly survey. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 0.1%. Mortgage rates jumped back up to 7.14% after cooling slightly. The adjusted purchase index rose 1%, while the unadjusted purchase index decreased by 1% and was 41% lower YOY. “Mortgage rates edged higher last week following news that the Federal Reserve will continue raising short-term rates to combat high inflation. The 30-year fixed rate remained above 7% for the third consecutive week, and there were increases for most other loan types,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. …
By KIMBERLEY HAAS Leaders at Lenders One Cooperative are planning to open branch locations at select Walmart stores in seven states. The company, established in 2000, is a national alliance of independent mortgage bankers, banks, and credit unions managed by a subsidiary of Altisource Portfolio Solutions. President Justin Demola said in a recent interview with The Mortgage Note that opening branches inside Walmart stores makes sense for their members and customers who will have access to lending services in the same place they shop. “Walmart is an interesting opportunity for us and our members,” Demola said. “The timing has lined up nicely. This project started almost two years ago when the mortgage market was buzzing. Interest rates were super low…
Mortgage loan application volume ticked down again, the sixth straight week of declines, according to the Mortgage Bankers Association’s weekly survey. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by a mild 0.5% as mortgage rates cooled off, dropping to 7.06%. The adjusted purchase index fell 1%, while the unadjusted purchase index decreased by 2% and was 41% lower YOY. “Apart from the ARM loan rate, rates for all other loan types were more than three percentage points higher than they were a year ago. These elevated rates continue to put pressure on both purchase and refinance activity and have added to the ongoing affordability challenges impacting the broader housing market, as seen in the…
Mortgage loan application volume surprised no one with another week of declines, accompanied by the 10th consecutive week of rising interest rates, according to the Mortgage Bankers Association’s weekly survey. Interest rates finally topped the dreaded 7% mark, reaching 7.16%. This is their highest point since 2001. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 1.7%. Application activity is at its slowest pace since 1997. The adjusted purchase index fell 2%, while the unadjusted purchase index decreased by 3% and was 42% lower YOY. Purchase applications are now at their slowest pace since 2015, 40% slower than a year ago. “Despite higher rates and lower overall application activity, there was a slight increase in…
Mortgage loan application volume has now seen four months of decline and fallen to its lowest level since 1997, according to the Mortgage Bankers Association’s weekly survey. Interest rates rose to 6.94%, their highest point since 2002. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 4.5%. The adjusted purchase index fell 4%, while the unadjusted purchase index decreased 3% and was 38% lower YOY. The refinance index dropped by 7% and was 86% lower than at the same time last year. Refis made up 28.3% of total applications. “The speed and level to which rates have climbed this year have greatly reduced refinance activity and exacerbated existing affordability challenges in the purchase market. Residential…
Mortgage loan application volume fell another 2% last week, according to the Mortgage Bankers Association’s weekly survey. Interest rates rose to 6.81%, their highest point since 2006. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 2%. The adjusted purchase index fell 2%, while the unadjusted purchase index decreased 2% and was 39% lower YOY. The refinance index dropped by 2% and was 86% lower than the same time last year. Refis made up 29% of total applications. The ARM share of activity dipped slightly from last week as the 5/1 interest rate jumped 20 basis points from 5.36% to 5.56%. “The ARM share of applications remained quite high at 11.7%– just below last week’s…
Mortgage loan application volume tumbled last week, falling to its slowest pace since 1997 as rates hit 6.75%, according to the Mortgage Bankers Association’s weekly survey. Interest rates are now at their highest point since 2006. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 14.2%. The adjusted purchase index fell 13%, while the unadjusted purchase index decreased 13% and was 37% lower YOY. The refinance index dropped by 18% and was 86% lower than the same time last year. Refis made up 29% of total applications. “The current rate has more than doubled over the past year and has increased 130 basis points in the past seven weeks alone. The steep increase in rates…
Mortgage loan application volume returned to its downward trajectory, wiping out gains from last week as mortgage rates breached 6.5% for the first time since mid-2008, according to the Mortgage Bankers Association’s weekly survey. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 3.7%, effectively negating a 3.8% rise last week. The adjusted purchase index fell 0.4%, while the unadjusted purchase index decreased 1% and was 29% lower YOY. The refinance index dropped by 11% and was 84% lower than the same time last year. Refis made up 30.2% of total applications. “Applications for both purchase and refinances declined last week as mortgage rates continued to increase to multi-year highs following more aggressive policy measures…
New home sales rose in August to a seasonally adjusted annual rate of 685,000, up 28.8% from July’s revised rate but down 0.1% YOY, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. The seasonally‐adjusted estimate of new houses for sale at the end of August was 461,000, representing a supply of 8.1 months at the current sales rate. The median sales price of a new home was $436,800, while the average sales price was $521,800. The data comes on the heels of a surprise increase in mortgage applications last week, despite rates rising to their highest point since October 2008. “As with the swings in rates and other uncertainties around the housing…
