Mortgage applications continued to sink last week, driven by continued refinance weakness. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 0.8%, down slightly compared to the week prior’s 2.9% decrease. Adjusted purchase applications actually rose by 1%, while the unadjusted…
Mortgage originations saw their largest annual decline in 21 years, further evidence that the housing boom is coming to an end. Originations fell 47% YOY in Q3, according to ATTOM Data’s Q3 2022 U.S. Residential Property Mortgage Origination Report. Quarter-over-quarter they were down 19%, the sixth consecutive drop. Lenders issued a total of $636.5 billion…
Origination activity continues to sink as the market corrects, with refinances seeing major drops. Black Knight’s October 2022 Originations Market Monitor report found that rate lock dollar volume dropped 14.3% month-over-month to its lowest level since February 2019. Refinances have been hit especially hard, making up just 14% of all origination activity in October. Cash-out…
The national average closing costs in 2021 for a single-family property refinance were up $88 YOY, but still less than 1% of the average refi loan amount, according to CoreLogic’s annual Refinance Closing Cost Report. The average closing cost was $2,375, up 3.8% from 2020’s $2,287. The average refi loan amount was $304,909. By contrast,…
After a record-breaking year for independent mortgage banks, profits declined by 75 basis points in 2021, according to the Mortgage Bankers Association’s (MBA) Annual Mortgage Bankers Performance Report. Independent mortgage banks and mortgage subsidiaries of chartered banks made an average profit of $2,339 on each loan they originated in 2021, down from the record $4,202…
Mortgage loan application volume fell by 6.3% to its lowest level since the spring of 2019, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 6.3%. The adjusted purchase index fell by 3%, while the unadjusted purchase index fell by 3% and…
Mortgage loan application volume fell 7.1% from last week, the Mortgage Bankers Association’s (MBA) weekly survey reported. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased 7.1%. The adjusted purchase index fell 2%, while the unadjusted purchase index fell 5% and was 11% lower YOY. The refinance index fell 13% and…
Origination activity fell for the fourth consecutive month in December as higher rates and seasonal slowdown pushed rate locks down, according to Black Knight’s December 2021 Origination Market Monitor. Rate locks fell 18.3% from November to December and 35% year-over-year (YOY), fueled by a 22.5% drop in locks on purchase loans and a 17.1% drop…
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