Mortgage application volume moved lower for the third consecutive time during the week ended October 27 , losing another 2.1 percent on a seasonally adjusted basis. The Mortgage Bankers Association (MBA) reported a 3.0 percent decline in its mortgage volume index on an unadjusted basis. The Refinance Index decreased 4 percent from the previous week and was 12 percent lower than the same week one year ago. The refinance share of mortgage activity dipped to 31.2 percent of total applications from 31.4 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 1.0 percent and 2.0 percent on an unadjusted basis. Purchase activity was 22 percent lower than during the same week in 2022. [purchaseappschart] “Mortgage applications declined for the third straight week as mortgage rates remained elevated, with all rates around 30 basis points higher than they were a month ago. The 30-year fixed rate dipped slightly to 7.86 percent but remained close to 23-year highs and has been above the 7-percent level since early August 2023,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The impact of higher rates continued to be felt across both purchase and refinance markets. Purchase applications decreased to their lowest level since 1995 and refinance applications to the lowest level since January 2023. Applications for government loans saw much larger weekly declines than conventional, with government purchase applications down 3 percent and refinances down 9 percent.”
Related Articles
Mortgage Application Activity Continues to Rise
June 28, 2023
Allen Santos
Weely Real Estate News
Comments Off on Mortgage Application Activity Continues to Rise
“The spread between the jumbo and conforming rates widened to 16 basis point,” said MBA’s Joel Kan. The post Mortgage Application Activity Continues to Rise appeared first on Weekly Real Estate News.
Mortgage Application Volume Deflated by Rising Rates
May 18, 2023
Mark Paul Cervantes
Mortage News
Comments Off on Mortgage Application Volume Deflated by Rising Rates
The volume of mortgage applications, which had risen by more than 6 percent the prior week lost nearly all those gains during the week ended May 12. The Mortgage Bankers Association said its Market Composite […]
Mortgage Application Volume Boosted by Fed Comments
May 10, 2023
Mark Paul Cervantes
Mortage News
Comments Off on Mortgage Application Volume Boosted by Fed Comments
The volume of mortgage applications increased last week for both home purchases and refinancing. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 6.3 percent on a seasonally […]