Mortgage applications rebound 3.4% as rates decrease to 7.37%
Refinance demand remained far below year-ago levels as the adjustable-rate mortgage share climbed to 11.3%, the highest in more than a year, the MBA said.
- Total mortgage application volume rose 3.4% last week as the 30-year fixed rate decreased to 7.37%, marking the second straight week of declines, according to the Mortgage Bankers Association.
- Home purchase applications rose 4% as consumers responded to lower rates, yet volume remains 18% behind last year's pace as many homebuyers have postponed their purchase plans.
- Refinance applications rose 3% for the week, though volume is 61% lower than last year as most homeowners hold rates below 4%, limiting incentives to refinance.
- The adjustable-rate mortgage share of applications reached 11.3%, the highest level in over a year, as borrowers increasingly seek lower monthly payments through riskier loan products.
- Markets await commentary from Fed Chairman Kevin Warsh following Wednesday's Federal Reserve meeting, while the Mortgage Intent Index increased to 99.6, rebounding approximately 2.8% week over week according to Thomas Lloyd, chief strategy officer at Xactus.
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Mortgage Rates Dip to 7.37%, Lifting Applications 3.4%
by Carl Fox at CDN The average 30-year fixed mortgage rate fell to 7.37% last week, its lowest in three weeks, nudging applications up 3.4%, though rates remain more than a point above a year ago. Click to read the rest HERE-> Mortgage Rates Dip to 7.37%, Lifting Applications 3.4% first posted at Conservative Daily News
Mortgage rates fell for the second straight week, but more borrowers still sought savings in riskier loans
Mortgage rates have fallen over the past two weeks, but demand is only slightly higher, and more borrowers are looking for savings in riskier loans.
Mortgage Applications Tick Up; Big Picture Still Subdued
The Mortgage Bankers Association’s (MBA) latest survey recorded a modest but positive 3.4% increase in mortgage loan application volume from last week’s survey. The mortgage loan application volume, also known as the Market Composite Index, is MBA’s measure of the mortgage purchases, refinances and other mortgage activities in the week before the survey’s release. Data…
US mortgage applications rise as falling rates draw borrowers back
Total mortgage applications rose 3.4 per cent week on week, according to the Mortgage Bankers Association Purchase applications increased 4 per cent, while refinancing applications climbed 3 per cent Adjustable-rate mortgages accounted for 11.3 per cent of applications, the highest share in more than a year US mortgage applications increased for a second consecutive week as falling interest rates encouraged more borrowers to approach lenders, al…
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