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Mortgage Applications Fall 6% as Rates Hit Highest Level in Three Years
Refinance applications fell 9% and purchase applications dropped 4% as higher borrowing costs and rising home prices cooled demand, the MBA said.
- The U.S. mortgage market recorded its sixth consecutive week of rising rates, with the 30-year fixed-rate mortgage averaging 7.30% last week, pushing total application volume 6% lower.
- Rates continued to move higher to start this week, with the average on the 30-year fixed hitting 7.58% on Tuesday, as the bond market recalibrates expectations for Fed policy.
- Purchase applications fell 4% for the week, while refinance applications slid 9% and came in 56% under the comparable period from a year earlier.
- Borrowers are contending not only with higher interest rates but also with rising home prices, as the S&P Cotality Case-Shiller index showed national home prices advancing 1.9% year-over-year in July.
- "Government refinances declined 13 percent, with both FHA and VA applications experiencing double digit decreases over the week," said Joel Kan, an MBA economist, as buyers seek savings in riskier mortgages.
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17 Articles
17 Articles
Average 30-year mortgage rate climbs to 7.30%, highest since November 2023; refinancing applications drop 9%
·Ankara, Türkiye
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Mortgage rates in the United States rose for the sixth consecutive week, jumping to a nearly three-year high, further complicating the already troubled housing market, Bloomberg reported.
·Budapest, Hungary
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Mortgage demand continues to slide as rates reach three-year high
Mortgage Bankers Association's Composite Index plunged 6.0% to 213.6 during the week ended September 25, compared to -1.5% to 227.3 seen in the prior week, according to the Weekly Mortgage Applications Survey.
·Ra'anana, Israel
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Total News Sources17
Leaning Left1Leaning Right2Center5Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
13%
C 62%
R 25%
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