Banner
Menu

Tag: Market Composite Index

Mortgage Rates Hold Near Record Lows

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell again last week, continuing to hover near record lows. Rates fell across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Consistently low mortgage rates have been a bright spot for the housing market this year, as low inventory and higher prices strain affordability conditions. Between mortgage rates near record lows and a stronger job market, demand for home loans has been higher than at the same time last year, even as conditions have become more challenging. In fact, refinance demand is now 48 percent higher than last year at this time and purchase activity is 10 percent higher than year-before levels. However, lower rates last week weren’t enough to keep mortgage demand from falling from one week earlier. In fact, the Market Composite Index – which measures both refinance and purchase demand – fell 4 percent from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Arrow Down 10

Survey Finds Average Mortgage Rates Down

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But despite lower rates, demand for mortgage applications actually fell from the week before. In fact, the Market Composite Index – which measures both refinance and purchase application demand – was down 3.5 percent from the week before. Lynn Fisher, MBA’s vice president of research and economics, told CNBC that the number of Americans requesting loan applications is still higher than last year, though things are slowing. “Purchase application volume continues to run ahead of last year’s pace, but after growing quite strongly in the first half of the year, the rate of improvement has decelerated this summer,” Fisher said. Still, mortgage applications to buy a house are up 6 percent from one year ago. Refinance demand, on the other hand, is 56 percent higher than last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortage Rate 1

Mortgage Demand Flat As Rates Move Up

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved up last week across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. It was the second consecutive week mortgage rates rose. The increase caused demand for mortgage applications to fall from the previous week’s level. In fact, the Market Composite Index – which measures both refinance and purchase activity – fell 0.8 percent from the week before, with both the Refinance and Purchase Index registering a 1 percent decline. Despite the drop, however, demand for loans to purchase homes was still 20 percent higher than one year earlier. That improvement points to a significant increase in home sales over last year. Since mortgage application demand is an important indicator of future housing demand, any increase in the number of purchase loans indicates sales will also rise. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Arrow Up 15

Mortgage Rate Increase Slows Demand

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates rose last week from the week before. Rates were up across all loan categories, including 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase had a negative effect on mortgage application demand, despite the fact that rates were up only slightly from the previous week and remain near historic lows. In fact, the Market Composite Index – which measures both refinance and purchase activity – was down 3.5 percent, led by a 4 percent drop in the Refinance Index. The good news, according to MBA chief economist Michael Fratantoni, is that recent volatility appears to be settling down. “Between the recent TILA-RESPA regulatory change and the Columbus Day holiday, mortgage application volume has been more volatile than normal,” Fratantoni said. “However, that appears to be settling down somewhat.” Also in the report, demand for loans to purchase homes was 23 percent higher than it was during the same week last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Arrow Up 14

Thank you for your upload