MBA News & Analysis
4 articles
Market Mood
Mortgage Demand Falls 3.8% Amid Stable Rates at 6.60%
Total mortgage application volume fell 3.8% last week, as reported by the Mortgage Bankers Association. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 6.60%, with points at 0.63 for loans with a 20% down payment. Refinancing applications dropped by 5% weekly but were 17% higher than the same week last year. Home purchase mortgage applications also decreased by 3% week-over-week but were up 3% year-over-year, reflecting challenges in the market including lean supply and high prices.
Read More: Mortgage Demand Falls 3.8% Amid Stable Rates at 6.60%
Mortgage Demand Jumps 10.8% Despite Rising Rates Last Week
Total mortgage application volume increased by 10.8% last week, as reported by the Mortgage Bankers Association. The average contract interest rate for 30-year fixed mortgages rose to 6.60% from 6.57%, while refinancing applications surged 15% and were up 20% year-on-year. Furthermore, mortgage applications for home purchases increased by 7% week over week and rose 4% compared to the same week last year. The ARM share of total applications also increased to 8.6%, with a five-year ARM average rate at 5.96%.
Read More: Mortgage Demand Jumps 10.8% Despite Rising Rates Last Week
Mortgage Rates Hit 6.45%, Applications Drop 4.4% in Latest Data
Mortgage rates increased to 6.45% for 30-year fixed-rate loans, up from 6.37% the previous week, according to the Mortgage Bankers Association. Total mortgage application volume fell 4.4% week-over-week, with purchase applications declining by 4%, while refinance applications dropped by 5%. The average loan size on a purchase application reached $467,300, the highest since the survey began in 1990. Despite a year-over-year increase in applications, economic uncertainty and rising rates are impacting buyer confidence, particularly among first-time homebuyers.
Read More: Mortgage Rates Hit 6.45%, Applications Drop 4.4% in Latest Data
Mortgage Applications Rise 1.8% as Rates Reach One-Month Low
Mortgage application volume increased 1.8% last week compared to the previous week, according to the Mortgage Bankers Association. The average interest rate for 30-year fixed-rate mortgages fell to 6.42% from 6.51%. Refinance applications surged by 5% week-over-week and were up 15% from the previous year. However, homebuyer applications decreased by 1% weekly and were 3% lower than this time last year, reflecting ongoing economic uncertainty.
Read More: Mortgage Applications Rise 1.8% as Rates Reach One-Month Low