Mortgage Activity Falls as Rates Top 6%

2022-09-15T12:18:52-05:00

By David Logan on September 15, 2022 • Per the Mortgage Bankers Association’s (MBA) survey through the week ending September 9th, total mortgage activity declined 1.2% and the average 30-year fixed-rate mortgage (FRM) rate rose seven basis points to 6.01%. The FRM rate has increased 56 bps over the past month reaching a 14-year high. The Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 0.2% while refinancing fell 4.0%. Purchase application volume is down 28.7% over the past 12 months, the largest year-over-year decline since April 2020. Similarly, refinance activity index has plummeted 83.0% over the past year and has declined each of the past five weeks. The refinance share of mortgage activity declined from 30.7% to 30.2% over the week. Conversely, the adjustable-rate mortgage (ARM) share of activity increased to 9.1% of total applications, down from 7.4% one month prior. Related ‹ Percent Share of 5,000+ Square Foot Homes Rises in 2021Tags: finance, home purchases, housing finance, interest rates, mba, mortgage applications, mortgage bankers association, mortgage lending, refinancing

Mortgage Activity Falls as Rates Top 6%2022-09-15T12:18:52-05:00

Refinancing Activity Down 82% Compared to August 2021

2022-08-10T15:17:43-05:00

By David Logan on August 10, 2022 • Per the Mortgage Bankers Association’s (MBA) survey through the week ending August 5th, total mortgage activity increased slightly and the average 30-year fixed-rate mortgage (FRM) rate rose four basis points to 5.47%. The FRM rate has declined 35 bps over the past month but remains roughly 2.5 percentage points higher than it was a year ago. The Market Composite Index, a measure of mortgage loan application volume, increased by 0.2% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity declined 1.4% while refinancing increased 3.5%. Purchase applications are 18.5% below the August 2021 level and have decreased 17 of 31 weeks in 2022, including five of the last six weeks. The refinance activity index has plummeted 82.0% over the past year and has posted a weekly decline in 22 weeks since the start of 2022. The refinance share of mortgage activity increased from 30.8% to 32.0% over the week. Conversely, the adjustable-rate mortgage (ARM) share of activity decreased to 7.4% of total applications, down from 9.5% one month prior. Related ‹ Has Inflation Peaked?Tags: 30-year fixed-rate mortgage, home purchases, interest rates, mba, mortgage bankers association, mortgage finance, mortgages, refinancing, single-family mortgages

Refinancing Activity Down 82% Compared to August 20212022-08-10T15:17:43-05:00

About My Work

Phasellus non ante ac dui sagittis volutpat. Curabitur a quam nisl. Nam est elit, congue et quam id, laoreet consequat erat. Aenean porta placerat efficitur. Vestibulum et dictum massa, ac finibus turpis.

Recent Works

Recent Posts