Mortgage loan application volume increased by 3.8% last week, breaking a multi-week pattern of steep declines, despite rates rising to their highest point since October 2008. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index, a measure of mortgage loan application volume, rose by 3.8%. The results include an adjustment for Labor Day. The adjusted purchase index rose 1%, while the unadjusted purchase index increased 11% and was 30% lower YOY. The refinance index rosed by 10% and was 83% lower than the same time last year. Refis made up 32.5% of total applications. “Treasury yields continued to climb higher last week in anticipation of the Federal Reserve’s September meeting, where it is expected that they…
Mortgage loan application volume fell last week as mortgage rates topped 6% for the first time since 2008, nearly doubling year over year. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. The adjusted purchase index rose 0.2%, while the unadjusted purchase index dropped 12% and was 29% lower YOY. The refinance index dropped by 4% and was 83% lower than the same time last year. Refis made up 30.2% of total applications. “Higher mortgage rates have pushed refinance activity down more than 80 percent from last year and have contributed to more homebuyers staying on the sidelines. Government loans, which tend to be favored by…
Mortgage loan application volume fell last week, with both refis and purchase applications falling as interest rates hit their highest point since mid-June, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 0.8%. The adjusted purchase index fell 1%, while the unadjusted purchase index dropped 3% and was 23% lower YOY. The refinance index dropped by 1% and made up 30.7% of total applications, down 83% from the same time last year. “Mortgage rates moved higher over the course of last week as markets continued to re-assess the prospects for the economy and the path of monetary policy, with expectations for short-term rates to move and stay higher…
Mortgage loan application volume fell 3.7% last week, continuing a downward spiral as mortgage rates hit their highest point since mid-July, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 3.7%. The adjusted purchase index fell 2%, while the unadjusted purchase index dropped 4% and was 23% lower YOY. The refinance index dropped by 8% and made up 30.3% of total applications, down 83% from the same time last year. “Mortgage rates and Treasury yields rose last week as Federal Reserve officials indicated that short-term rates would stay higher for longer. Mortgage rates have been volatile over the past month, bouncing between 5.4% and 5.8%,” said Joel Kan,…
Mortgage loan application volume fell 1.2% last week to a 22-year low as the 30-year fixed rate rose to its highest point in almost a month, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. The adjusted purchase index fell 1% while the unadjusted purchase index dropped 2% and was 21% lower YOY. The refinance index dropped by 3% and made up 31.1% of total applications, down 83% from the same time last year. ARM activity fell to 6.5% of total applications. “Last week’s purchase results varied, with conventional applications declining 2% and government applications increasing 4%, which is potentially a sign of more first-time homebuyer activity.…
Mortgage loan application volume fell 2.3% last week, reversing a two-week uptick, the Mortgage Bankers Association’s weekly survey shows. Overall applications dipped to their lowest level since 2000. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 2.3%. The adjusted purchase index fell 1% while the unadjusted purchase index dropped 2% and was 18% lower YOY. The refinance index dropped by 5% and made up 31.2% of total applications, down 82% from the same time last year. Refinances are at their lowest level since November 2000, pushed down by a 6% decline in conventional refinance applications. ARM activity fell to 7% of total applications. “Home purchase applications continued to be held down by rapidly drying…
Mortgage loan application volume rose 1.2% last week when rates took a downward turn, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. Both the adjusted and unadjusted purchase indices rose 1%. The unadjusted index was 16% lower YOY. The refinance index rose by 2% and made up 30.8% of total applications, down 82% from the same time last year. ARM activity dropped from 9.1% to 8.4% of total applications. “Mortgage rates declined last week following another announcement of tighter monetary policy from the Federal Reserve, with the likelihood of more rate hikes to come. Treasury yields dropped as a result, as investors continue to expect a…
Mortgage loan application volume fell by another 1.8%, the fourth straight week of declines and the lowest level of activity since February 2000, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.8%. The adjusted purchase index dropped 1%, while the unadjusted purchase index decreased by 0.4%% and was 18% lower YOY. The refinance index fell by 4% and made up 30.7% of total applications, down 83% from the same time last year. ARM activity dropped to 9.1% of total applications. As affordability challenges continue and potential buyers decide to hold off searching for a home, purchase activity is now inching closer to pre-pandemic levels. “Weakening purchase applications…
Mortgage loan application volume tumbled again, falling by 6.3% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 6.3%. The adjusted purchase index dropped 7%, while the unadjusted purchase index increased by 16% and was 19% lower YOY. The refinance index fell by 4% and made up 31.4% of total applications, down 80% from the same time last year. ARM activity dropped to 9.5% of total applications. “Mortgage applications declined for the third week in a row, reaching the lowest level since 2000. Similarly, with most mortgage rates more than two percentage points higher than a year ago, demand for refinances continues to plummet, with…
Mortgage loan application volume fell by 1.7% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.7%. The adjusted purchase index dropped 4%, while the unadjusted purchase index increased by 14% and was 18% lower YOY. The refinance index rose by 2% and made up 30.8% of total applications, down 80% from the same time last year. The overall refinance index was 5% lower than the average level reported in June, and refinances are expected to stay low. ARM activity rose to 9.6% of total applications. “Mortgage rates were mostly unchanged, but applications declined for the second straight week. Purchase applications for both conventional and…
