Mortgage applications are swinging up and down, falling last week as rates posted increases.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 2.3%, countering the week prior’s 3.7% rise.
Adjusted purchase applications slipped by 3%, while the unadjusted index increased by 4% and was 12% lower YOY.
Rates rose to 6.87%, their highest point since December, but have stayed in the mid-6% range since the beginning of 2024.
“Purchase applications remained subdued as elevated rates continue to add to affordability challenges along with still-low existing housing inventory. Refinance applications declined and remained depressed, with rates still higher than a year ago,” said Joel Kan, MBA’s…
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 dropped by 6.5%, the fifth decrease in six weeks, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, fell by 6.5%. The adjusted purchase index fell 7%, while the unadjusted purchase index fell by 18% and was 21% lower YOY. The refinance index fell 6% and was down 75% YOY, though refinances made up a higher share of total applications (32.2%, up from 31.5%) as purchase applications dwindle. ARM activity fell to 8.2% of total applications. “Weakness in both purchase and refinance applications pushed the market index down to its lowest level in 22 years. The 30-year fixed-rate increased to 5.4% after three consecutive declines.…
