Mortgage applications slipped again last week as purchase activity fell to its lowest level since 1995.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – declined by 1.3%, down from the week prior’s 5.4% increase.
Adjusted purchase applications sank by 2%, while the unadjusted index fell by 2% from the week before and was 27% lower YOY.
Declines can be attributed to the average interest rate for a 30-year fixed loan increasing 12 bps to 7.53%, the highest rate since 2000. A recent boost in Treasury yields forced rates higher for the fourth straight week.
The jumbo rate also set another record, jumping 17 bps from 7.34% to…
Pending home sales were up in July, marking a second month of increases, but there is still lots of room for improvement.
NAR’s Pending Home Sales Index rose by 0.9% to a reading of 77.6 in July. An index of 100 is equal to the level of contract activity in 2001.
“The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple homebuying offers,” said NAR Chief Economist Lawrence Yun.
“Jobs are being added and, thereby, enlarging the pool of prospective home buyers. However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.”
Only seven of the nation’s 200 largest…
High rates are making top originators nervous about the next six months.
Scotsman Guide asked mortgage pros who qualified for their Top Originator rankings how they expect their businesses to fare in the next six months. Their answers were tepid, with an eye on uncertainty.
The biggest change came from the percentage of originators who see their businesses staying exactly the same in the next six months, up from 29% in H1 2023 to 45% in H2.
A small percentage of originators think their businesses are likely to perform worse in the next six months (9% in H2 vs. 6% in H1) but less than half expect originations to pick up (down to 45% from 64%.)
Another point of note…
Mortgage applications slipped slightly last week as rates rose again.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 0.8%, a much softer decline than the week prior’s 3.1% drop.
MBA attributes recent declines to rising rates. The average interest rate for 30-year fixed loans rose from 7.09% to 7.16%, pushing homeownership farther out of reach for many Americans. This is the third straight week of increases.
Adjusted purchase applications fell by 0.2%, while the unadjusted index dipped 2% from the week before and was 26% lower YOY.
Refinances continued to be hobbled by the high rate environment, down by 2% and 35% lower than the…
Mortgage applications dipped last week as rates hit their highest level since November 2022.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 3.1%, adding to the week prior’s 3% decline.
Adjusted purchase applications fell by 3%, while the unadjusted index dipped 3% from the week before and 27% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.93% to 7.09%, pushing homeownership farther out of reach for many Americans.
Refinances slipped by 3% and remain 32% lower than the same time last year, making up 28.7% of total applications. In the past decade, refis averaged 58% of total activity.
“Treasury yields rates…
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…
Clever Real Estate announced a suite of integrated products for lenders to protect their purchase pipeline, increase conversations, and close more loans.
Clever Pro is an all-in-one solution for mortgage lenders composed of five products. Each one helps lenders to drive higher profits and maximize performance, according to company leaders.
Tony Cahal, SVP of Clever Pro, said their team has built something groundbreaking.
“Clever Pro solves so many longstanding problems for lenders that hinder profitability and growth. We’re giving them trusted partners in every market nationwide, plus technology to manage the entire buyer journey, all within a single unified ecosystem,” Cahal said in a statement.
Pro Convert is geared towards boosting conversion rates by matching borrowers with Realtors who then…
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…
Mortgage originations saw a boost in June as summer turned the corner, according to new data from Mortgage Capital Trading.
MCT’s Indices Report found that lock volumes increased by 31% last month, making up for a 15% decrease in May.
“We saw originations towards the end of May slow down, so this is likely a summertime pickup in originations,” said Andrew Rhodes, Senior Director and Head of Trading at MCT. “Rates, housing supply, and affordability will continue to be the forces behind the lack of new originations.”
Year-over-year locks were down nearly 8%, however.
Rhodes noted that the Federal Reserve’s decisions will impact lock volumes going forward.
If the Fed follows through on two additional rate hikes this year, mortgage…
Mortgage rates fell again, the third consecutive week of declines, but once again gave only an inch.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.67%, down from 6.69% the week prior.
A year ago at this time, the 30-year FRM averaged 5.81%.
The 15-year fixed-rate mortgage slipped as well, down from 6.10% to 6.03%. A year ago, it averaged 4.92%.
“Mortgage rates slid down again this week but remain elevated compared to this time last year,” said Sam Khater, Freddie Mac’s Chief Economist.
“Potential homebuyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a…
