Mortgage applications soared again as treasury yields pushed rates to their lowest level in three weeks.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – jumped 10.4% on the heels of the week prior’s 9.9% bump.
Adjusted purchase applications rose by 9%, while the unadjusted index increased by 28% and was 20% lower YOY.
Refis also saw an increase of 11% and accounted for 37.5% of total applications. In the past decade, they averaged 58% of all activity.
The rush comes as the 30-year fixed-rate fell to 6.75% from 6.81%. Americans seem to be taking advantage of cooling rates in the new year after little activity in the…
Mortgage rates slipped for a third consecutive week as Wall Street rallied around positive inflation data.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.44%, a modest decline from the week prior’s 7.5%. A year ago at this time, the 30-year FRM averaged 6.61%.
The 15-year fixed rate fell from 6.81%% to 6.76%. A year ago, it averaged 5.98%.
“For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s Chief Economist. “The combination of continued economic strength, lower inflation, and lower mortgage rates should likely bring more potential homebuyers into the market.”
The consumer price index for October dipped by 0.1% month-over-month and…
Mortgage applications slipped again last week as treasury yields swelled to new highs.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1%, a more moderate decline than the week prior’s 6.9% dip.
Adjusted purchase applications slipped by 2%, while the unadjusted index fell by 2% from the week before and was 22% lower YOY.
Another spike in rates drove the decline. The 30-year fixed mortgage rate rose to 7.90%, the highest level since 2000 and a 20 bps jump from last week. Rates have risen nearly 70 bps in the last seven weeks.
“Ten-year Treasury yields climbed higher last week, as global investors remained concerned…
