By Jesse Wade on May 10, 2023 • Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 5th, total mortgage activity increased 6.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 6.48%. The FRM rate has risen 18 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose by 6.3% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 4.8%, while refinancing activity increased 10.0% week-over-week. Purchasing activity has remained muted this spring due to affordability issues in the market. The seasonally adjusted purchase index was 32.0% lower than one year ago. Refinancing activity has seen a slight increase over the past month as interest rates have stabilized around 6.5%; the seasonally adjusted refinancing index is down 44.5% from one year ago. The refinance share of mortgage activity rose from 27.2% to 28.0% over the week, while the adjustable-rate mortgage (ARM) share of activity decreased to 6.8% from 7.3%. The average loan size for purchases was $440,700 in the first week of May, up slightly from $435,600 over the month of April. The average loan size for a FRM rose to $363,400 in the first week up May; this amount as risen for seven consecutive months. The average loan size for refinancing grew by 5.5% from $263,300 over the month of April to $277,900 in the first week of May. Related ‹ Inflation Falls Below 5% For First Time in Two YearsTags: finance, home purchases, housing finance, interest rates, mba, mortgage applications, mortgage bankers association, mortgage lending, refinancing

By Jesse Wade on April 12, 2023 • Per the Mortgage Bankers Association’s (MBA) survey through the week ending April 7th, total mortgage activity increased 5.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell ten basis points to 6.30%. The FRM rate has fallen 41 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose by 5.3% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 7.8%, while refinancing activity increased 0.1% week-over-week. Purchasing activity has risen over the past month as interest rates have fallen but the seasonally adjusted purchase index was 31.4% lower than one year ago. Refinancing activity has seen a slight uptick over the past month but will remain low as many who refinanced over a year ago locked into lower rates; the Refinancing Index is down 56.9% from one year ago. The refinance share of mortgage activity fell from 28.6% to 27.0% over the week, while the adjustable-rate mortgage (ARM) share of activity also decreased to 6.0% from 7.2%. The average loan size for purchases was $431,900 in the first week of April, up slightly from $430,500 over the month of March. The average loan size for a FRM surpassed the April 2022 level, up from $359,800 to $362,000 in the first week of April 2023. The average loan size for refinancing is well below the 2022 level, down from $288,500 to $267,700. Related ‹ Inflation Shows Further Signs of CoolingTags: finance, home purchases, housing finance, interest rates, mba, mortgage applications, mortgage bankers association, mortgage lending, refinancing

By Jesse Wade on March 8, 2023 • Per the Mortgage Bankers Association’s (MBA) survey through the week ending March 3rd, total mortgage activity increased 7.4% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate rose eight basis points to 6.79%. The FRM rate has risen 61 basis points over the past month. The Market Composite Index, a measure of mortgage loan application volume, rose by 7.4% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 7.0%, while refinancing activity increased 9.0% week-over-week. Purchasing activity has remained low as buyers wait for interest rates to fall back, the seasonally adjusted purchase index was 42.3% lower than a year ago when the FRM rate was 4.27%. Refinancing activity continues to remain low; the Refinancing Index is down 76.1% from one year ago. The refinance share of mortgage activity increased from 28.7% to 28.9% over the week, while the adjustable-rate mortgage (ARM) share of activity increased to 8.6% from 8.1%. The average loan size for purchases was $425,700 for the first week of March, down from $430,500 over the month of February. The average loan size across purchases, ARM and FRM was down in the first week of March after two consecutive months of increases. For refinancing, average loan size has fallen to $264,500 from $345,800 in March of 2020. Related ‹ Single-Family Market Share Continues to Shift from Large Population CentersTags: finance, home purchases, housing finance, interest rates, mba, mortgage applications, mortgage bankers association, mortgage lending, refinancing