Purchase Activity

Purchase Activity Hits 28-YR Low

Posted on by TMN Editor
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…

Refis See Improvement, But Purchase Activity Remains Constrained

Posted on by TMN Editor
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…