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…
Good Morning! Today is Wednesday, April 11. Pentagon officials will testify about U.F.O.s before a House panel next week, the first such hearing in more than 50 years. The House passed $40 billion more in aid for Ukraine, totaling about $53 billion over two months. Biden called bringing down inflation his “top domestic priority.” The Mortgage Note Reports Loan Applications Up: Mortgage loan application volume rose by 2% last week even as rates rose to their highest point since 2009. Another Glimmer Of Hope For Homebuyers: Active listings were down only 12.2% in April, their smallest YOY decline since December 2019 and a possible sign that inventory may rebound. And in other mortgage and housing news… US Delinquencies: US mortgage delinquencies were down 2.5% YOY in February, falling to a…
Good Morning! Today is Wednesday, March 16. Two journalists working for Fox News were killed when their vehicle came under fire outside Kyiv. Pfizer asked federal regulators to authorize a second booster shot for adults 65 and older. The Senate passed a bill to make daylight saving time permanent. The Mortgage Note Reports New Chair: JPMorgan Chase’s Cerita Battles has been appointed chair of NAHREP’s 2022 Corporate Board of Governors. Loans Down: Mortgage loan application volume fell 1.2% last week, with refis down for both conventional and government loans. And in other mortgage and housing news… Ginnie EVP: Ginnie Mae President Alanna McCargo announced the appointment of the GSE’s first Latino Executive Vice President, Sam Valverde. Latino Homeowners: Realtor.com’s 2022…
