Mortgage Applications are Up
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Mortgage Applications are Up
Purchase applications boost weekly mortgage activity
Home-mortgage applications rose last week despite rates being at their highest level in a month, as increased purchase activity made up for a decline in refinancings, the Mortgage Bankers Association said.
The MBA’s Market Composite Index rose 0.8% in the week ended Aug. 28 compared to the previous week. The Refinance Index fell 1%, while the Purchase Index climbed 2%.
“Mortgage rates reached their highest levels in four weeks as investors’ concerns about inflation and growing deficits push yields higher across the globe,” MBA Chief Economist Mike Fratantoni said. “Refinance volume dropped in response, but purchase volume increased modestly over the week and was slightly below last year’s level. In many local markets, potential buyers have plenty of homes to choose, and this is likely supporting transaction volume.”
Fratantoni noted that the adjustable-rate mortgage share of activity hit a five-week high of 8%. The refinance share of activity, meanwhile, dipped from 42% to 41.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $832,750 or less inched up to 6.79% from 6.78%.
Mortgage applications tick higher despite ‘more hawkish’ Fed tone
Mortgage applications inched higher in the week ended June 19, as mortgage rates remained flat and the Federal Reserve indicated it could raise rates in the face of rising inflation, the Mortgage Bankers Association said.
The MBA’s Market Composite Index, which includes fixed and adjustable-rate purchase and refinance mortgages, rose 1% from the previous week, while the Refinance Index gained 3% week over week. The Purchase Index, meanwhile, slid 1%.
“Mortgage rates changed little over the course of last week, despite the more hawkish tone from the FOMC at its June meeting,” MBA Chief Economist Mike Fratantoni said. “Purchase application volume edged slightly lower, while refinance activity posted modest gains. Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8% above year-ago levels.”
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($832,750 or less) decreased to 6.59% from 6.60%, while the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA was flat at 6.25%.
Mortgage Applications are Up
Mortgage applications jumped 12.5% last week as mortgage rates held steady, and housing supply increased in some parts of the country, the Mortgage Bankers Association said, citing its Weekly Mortgage Applications Survey.
The average contract interest rate for conforming 30-year mortgages of $806,500 or less ticked one basis point higher to 6.93% from 6.92% the week before, while the rate for 30-year fixed-rate mortgages backed by the Federal Housing Administration slid to 6.60% from 6.68%.
By mortgage type, purchase applications were up 10% week over week and 20% year over year, while refinancing activity was up 16% week over week and 28% year over year.
“Treasury rates saw some movement during the week, which resulted in additional opportunities for borrowers,” MBA Deputy Chief Economist Joel Kan said. “The rate for 15-year, fixed-rate loans and FHA loans saw declines last week, while the 30-year fixed rate was largely unchanged.
“Purchase applications were 20% ahead of last year’s pace, continuing to show strength compared to a year ago. Despite ongoing uncertainty surrounding the economy, homebuyers seem to be taking advantage of loosening housing inventory in certain markets.”
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Mortgage Applications are Up
Mortgage applications are up, but so are interest rates. What’s going on? What happen to the talks of a mortgage interest cut.
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Mortgage Applications are Up
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Source: Inman News
