Small Jump In Mortgage Activity As Rates Decrease

2023-11-08T10:15:13-06:00

By Jesse Wade on November 8, 2023 • Per the Mortgage Bankers Association’s (MBA) survey through the week ending November 3rd, total mortgage activity increased 2.5% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell 25 basis points to 7.61%. The FRM rate has decreased by 6 basis points over the past month but has hovered between 7.5% and 8.0% for six consecutive weeks. The Market Composite Index, a measure of mortgage loan application volume, rose by 2.5% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 3.0% and refinancing activity increased 1.6% week-over-week. While the market composite index increased over the week, mortgage activity remains largely muted due to the continuing lack of existing for-sale inventory. The seasonally adjusted purchase index was 20.7% lower than one year ago while the seasonally adjusted refinancing index was 6.9% lower than one year ago. The refinance share of mortgage activity rose from 31.2% to 31.4% over the week while the adjustable-rate mortgage (ARM) share of activity fell to 9.8% from 10.7%. The average loan size for purchases was $405,200 at the start of November, down from $413,200 over the month of October. The average loan size for refinancing decreased from $247,800 over the month of October to $243,700. The average loan size for an ARM was down at start of November to $742,300 while the average loan size for a FRM fell to $312,400. Related ‹ Porches on New Homes as Popular as EverTags: finance, home purchases, housing finance, interest rates, mba, mortgage applications, mortgage bankers association, mortgage lending, refinancing

Small Jump In Mortgage Activity As Rates Decrease2023-11-08T10:15:13-06:00

Mortgage Activity Increases Despite Rise in Interest Rates

2023-10-11T11:14:34-05:00

By Jesse Wade on October 11, 2023 • Per the Mortgage Bankers Association’s (MBA) survey through the week ending October 6th, total mortgage activity increased 0.6% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose 14 basis points to 7.67%. The FRM rate has increased 40 basis points over the past month to its highest level since 2000. The Market Composite Index, a measure of mortgage loan application volume, rose by 0.6% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 0.6%, while refinancing activity increased 0.3% week-over-week. Interest rates remained above seven and a half percent for the second consecutive week. The combination of increased rates and low existing for-sale inventory have continued to dismay potential buyers as the purchase index remained historically low. The seasonally adjusted purchase index was 19.4% lower than one year ago while the seasonally adjusted refinancing index was 8.8% lower than one year ago. The refinance share of mortgage activity fell from 31.7% to 31.6% over the week. The adjustable-rate mortgage (ARM) share of activity rose to 9.2% from 8%, the highest share since November 2022. The average loan size for purchases was $421,600 at the start of October, down from $414,200 over the month of September. The average loan size for refinancing decreased from $254,700 over the month of September to $245,100. The average loan size for an ARM was down at start of October to $817,100 while the average loan size for a FRM fell to $320,200. Related ‹ Characteristics of Recent Home BuyersTags: finance, interest rates, mba, mortgage applications, mortgage bankers association, mortgage lending, refinancing

Mortgage Activity Increases Despite Rise in Interest Rates2023-10-11T11:14:34-05:00

Mortgage Activity Low as Rates Remain Above Seven Percent

2023-09-13T10:24:55-05:00

By Jesse Wade on September 13, 2023 • Per the Mortgage Bankers Association’s (MBA) survey through the week ending September 8th, total mortgage activity decreased 0.8% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose six basis points to 7.27%. The FRM rate has remained above 7% since the start of August. The Market Composite Index, a measure of mortgage loan application volume, fell by 0.8% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 1.3%, while refinancing activity decreased 5.4% week-over-week. Interest rates remained above seven percent for the sixth consecutive week. The combination of higher rates and low existing for-sale inventory have hampered potential buyers as the purchase index remained historically low. The seasonally adjusted purchase index was 27.5% lower than one year ago while the seasonally adjusted refinancing index was 31.1% lower than one year ago. The refinance share of mortgage activity fell from 30.0% to 29.1% over the week, while the adjustable-rate mortgage (ARM) share of activity rose to 7.5% from 6.7%. The average loan size for purchases was $410,900 at the start of September, down from $413,600 over the month of August. The average loan size for refinancing decreased from $255,900 over the month of August to $255,400. The average loan size for an ARM was up at start of September to $833,000 while the average loan size for a FRM fell to $329,200. Related ‹ Revolving Credit Growth Reaccelerates in JulyTags: finance, interest rates, mba, mortgage applications, mortgage bankers association, mortgage lending, refinancing

Mortgage Activity Low as Rates Remain Above Seven Percent2023-09-13T10:24:55-05:00
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