Mortgage application volume during the week ended July 24 was down slightly from the prior week. Static interest rates did little to stir the refinancing pot, but purchase volume declined. The Mortgage Bankers Association said its Market Composite Index, a measure of that volume, decreased 1.8 percent on a seasonally adjusted basis from one week earlier and was down 1.5 percent on an unadjusted basis. The Refinance Index ticked down 0.4 percent week-over-week and was 30 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 28.7 percent of total applications from 28.4 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index fell 3 percent and declined 2 percent before adjustment. The index was 23 percent lower than the same week one year ago. [purchaseappschart] “Mortgage rates were essentially flat last week but remained high, with the 30-year fixed staying at 6.87 percent and contributing to a pullback in mortgage applications,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 2.5 percent decline in purchase activity, partly driven by a 10 percent decrease in FHA applications, pushed the purchase index to its lowest level in over a month. The decrease in FHA purchase applications contributed to an increase in the overall average purchase loan size to $432,700, its highest level since the end of this May. Refinance applications remained lackluster, running 30 percent behind year-ago levels. Many borrowers remain on the sidelines given current rates and persistent affordability challenges.”
Related Articles
Mortgage Application Activity Down for Fourth Consecutive Week
June 8, 2023
Mark Paul Cervantes
Weely Real Estate News
Comments Off on Mortgage Application Activity Down for Fourth Consecutive Week
The refinance share of mortgage activity increased to 27.3% of total applications from 26.7% in the previous week. The post Mortgage Application Activity Down for Fourth Consecutive Week appeared first on Weekly Real Estate News.
Mortgage Application Activity Records Scant Uptick
June 22, 2023
Mark Paul Cervantes
Weely Real Estate News
Comments Off on Mortgage Application Activity Records Scant Uptick
MBA’s Builder Application Survey data for May saw applications for new home purchases were up by 8% from April. The post Mortgage Application Activity Records Scant Uptick appeared first on Weekly Real Estate News.
Mortgage Application Volume Responds to Rate Drop
November 8, 2023
Mariel Alumit
Mortage News
Comments Off on Mortgage Application Volume Responds to Rate Drop
A quarter-point decline in 30-year fixed-rate mortgage (FRM) interest pushed mortgage application activity higher across the board during the week ended November 3. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure […]