Mortgage loan applications declined in May, driven by a drop for refinancing activity. According to the Mortgage Bankers Association (MBA) weekly survey, the Market Composite Index, which measures mortgage application volume, fell 5.5% month-over-month on a seasonally adjusted (SA) basis. Despite the monthly dip, application volume remains 23.7% higher than in May 2024. The average 30-year fixed mortgage rate rose for the second consecutive month, climbing 10 basis points to 6.9%. Purchase activity remained resilient, posting a modest 1.3% monthly gain from the previous month, while the Refinance Index declined 13.7% (SA). Compared to a year ago, mortgage rates are still 18 basis points lower, with purchase and refinance applications up 15.8% and 39.8%, respectively. Average loan sizes also declined. In May, the average loan amount for the overall market, which includes purchases and refinances, declined 3.1% to $390,800. Purchase loan sizes stayed flat at $443,600, while refinance loan sizes dropped 12.8% to $296,000. The average size for adjustable-rate mortgages (ARMs) ticked up 0.5%, from $1.05 million to $1.06 million. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

Mortgage loan applications saw little change in April, as refinancing activity decreased. The Market Composite Index, which measures mortgage loan application volume based on the Mortgage Bankers Association (MBA) weekly survey, experienced a 0.4% month-over month increase on a seasonally adjusted (SA) basis. However, year-over-year, the index is up 29.3% compared to April 2024. The average rate for a 30-year fixed mortgage climbed 10 basis points in April, reaching 6.8%, according to the MBA survey. As rates edged higher, purchase activity posted a modest 1.9% month-over-month gain (SA), while the Refinance Index declined by 1.4% (SA). Compared to a year ago, mortgage rates are down 37 bps, and thus, purchase applications are higher by 11.2%, while refinance activity has jumped 62.0%. Loan sizes remained relatively stable. In April, the average loan size across the total market (including purchases and refinances) held steady at $403,500, month-over-month, on a non-seasonally adjusted basis (NSA). Purchase loans sizes edged down 1.3% to $444,000, while refinance loan sizes increased 0.5% to $339,300. Notably, the average loan size for adjustable-rate mortgages (ARMs) fell 7.8%, from $1.14 million to $1.05 million. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

The Market Composite Index, which measures mortgage loan application volume based on the Mortgage Bankers Association (MBA) weekly survey, rose 14.0% month-over-month on a seasonally adjusted (SA) basis, driven primarily by a surge in refinancing activity. Year-over-year, the index is up 29.2% compared to March 2024. The Purchase Index rebounded 8.3% (SA) from the previous month as mortgage rates declined. Meanwhile, the Refinance Index surged 22.2% (SA), continuing its strong upward trend. Compared to a year ago, purchase applications are up 7.6%, while refinance activity has jumped 72.9%. Economic uncertainty continues to drive treasury yield volatility, impacting mortgage rates. In March, the average 30-year fixed-rate mortgage reported in the MBA survey fell 17 basis points (bps) to 6.7%, marking a 23 bps decline from a year ago. Loan sizes have continued to rise since the start of the year. In March, the average loan size across the total market (including purchases and refinances) increased 3.5% month-over-month (NSA) to $403,300. For purchase loans, the average size edged up 0.9% to $450,000, while refinance loans saw a sharper increase of 10.4%, reaching $337,500. Meanwhile, the average loan size for adjustable-rate mortgages (ARMs) rose slightly by 1.1%, from $1.13 million to $1.14 million. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

The Market Composite Index, a measure of mortgage loan application volume from the Mortgage Bankers Association’s (MBA) weekly survey, rose 4.7% month-over-month on a seasonally adjusted (SA) basis, primarily driven by refinancing activity. Compared to February last year, the index is 15.6% higher. The Purchase Index declined 6.5% (SA) from the previous month, though it may rebound as mortgage rates continue to fall amid weakening consumer sentiment and growing economic concerns. Meanwhile, the Refinance Index surged 22.7% (SA). Compared to February last year, purchase applications are marginally higher by 2.1%, while refinance activity has jumped 43.7%. The average 30-year fixed rate mortgage reported in the MBA survey for February fell 15 basis points (bps) to 6.9% (index level 687), 7 bps lower than a year ago. Loan sizes also increased with the average total market loan size (purchases and refinances combined) rising by 4.4% on a non-seasonally adjusted (NSA) basis from January to $389,500. For purchase loans, the average size increased by 3.93% to $446,000, while refinance loans experienced a 6.1% increase, reaching an average of $305,800. Adjustable-rate mortgages (ARMs) saw a jump in average loan size of 5.9% from $1.07 million to $1.13 million. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.