Mortgage Application Demand Increases 12%

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates rose again last week with increases seen 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. But despite rates rising to their highest level since March 2020, demand for mortgage applications still increased 12 percent from the week before. In fact, refinance activity was up 18 percent and demand for loans to buy homes rose 4 percent from one week earlier. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says the average loan size was also up. “Purchase applications increased in the final full week of January but remained 7 percent lower than a year ago,” Kan said. “The average purchase loan size hit a new survey high once again at $441,100. Stubbornly low inventory levels and swift home-price growth continue to push average loan sizes higher.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)

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