Weekly Applications Survey Archives

Mortgage Rates Increased Again Last Week

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were up again last week 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. The increase brought rates to their highest level in over a year. As a result, refinance demand fell sharply. In fact, refinance activity was down 16 percent from the week before. Demand for loans to buy homes, on the other hand, was relatively flat – though the trend toward higher-balance loans may be an indication that younger buyers are being deterred by rising rates. “The mix continues to shift towards higher balance loans, as the average purchase loan size reached a new survey record,” Michael Fratantoni, MBA’s chief economist, told CNBC. “First-time buyers and buyers of lower priced units may have stepped away from the market to some extent given the jump in rates.” The week’s results include an adjustment for the Thanksgiving holiday. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Higher Mortgage Rates Bring The Buyers Out

For the fourth straight week, average mortgage rates increased from the previous week. In fact, according to the Mortgage Bankers Association’s Weekly Applications Survey, rates were up across all loan categories, including 30-year fixed-rate loans with conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. Michael Fratantoni, the MBA’s chief economist and senior vice president of research and technology, says the increases are being driven by expectations of future economic growth and inflation. “Mortgage rates have continued to move higher in the post-election period, as investors worldwide are looking for increases in growth and inflation, with the 30-year mortgage rate reaching its highest weekly average since the beginning of 2016,” Fratantoni said. But while the highest rates since January have caused refinance activity to fall, prospective home buyers look to be locking in low rates before they go up any further. Last week saw a 19 percent increase in demand for loans to buy homes. The spike puts purchase loan demand 11 percent above where it was at the same time last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.

Mortgage Rate Bump Leads To Slower Demand

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates increased last week from the week before. The increase brought rates to their highest level since June and caused a slight dip in overall demand for mortgage loans. Refinance activity – which is generally more sensitive to rate fluctuations – fell 2 percent, while demand for loans to buy homes was down less than 1 percent from the week before. Michael Fratantoni, MBA’s chief economist, told CNBC there are several factors that point to more rate increases in the near future. “Globally, rates have begun to creep upwards as investors anticipate less aggressive monetary policies from central banks, and U.S. rates are being pushed upwards in response,” Fratantoni said. “Additionally, new data show continued positive signals regarding the job market and rising inflation, indicating the Fed is likely to hike in December and will continue increasing rates next year.” But, though rate increases are expected in the coming months, they are also expected to be gradual – likely keeping rates low by historical standards, at least in the near term. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Average Mortgage Rate Drops Again

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week 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. The drop marked the second consecutive week of declines and brought rates to their lowest level since July. But, though the decrease stirred up refinance activity, purchase application demand was flat from the week before and down 14 percent from last year’s level. Michael Fratantoni, MBA’s chief economist, told CNBC the numbers may not tell the whole story. “The mortgage industry is celebrating the one year anniversary of the TRID/KBYO regulatory implementation date this week,” Fratantoni said. “Purchase application volume last week was almost 14 percent below the same week a year ago. That was the last week for mortgage applications to be covered by the prior disclosure regulations and as a result there was a spike in application activity.” In other words, though this week’s results show year-over-year purchase activity down significantly, it should return to normal with next week’s survey. The MBA has conducted their weekly survey since 1990. It covers 75 percent of all retail residential mortgage applications. More here.

Survey Finds Average Mortgage Rates Down

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates decreased last week 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 mortgages. Michael Fratantoni, MBA’s chief economist, says the Fed’s decision to leave rates unchanged led to the drop. “Treasury rates fell through the course of last week, as the Fed left their target rate unchanged, and concerns grew again about global growth, particularly in Europe and Japan,” Fratantoni said. “Refinance volume dipped for the week, but purchase application volume continues to show 2016 as a strong year.” Last week, demand for loans to buy homes was up slightly from the week before and 10 percent higher than the same week one year earlier. The size of the average loan was also up, however – which indicates that much of the buying activity remains on the higher end of the market. Refinance activity, on the other hand, was down 2 percent from the previous week, despite declining rates. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Home Buyers Return After Holiday Weekend

The number of home buyers requesting mortgage loan applications rose 9 percent last week, according to the Mortgage Bankers Association’s Weekly Applications Survey. The rebound, which follows the Labor Day holiday, reverses several weeks of slow demand. Lynn Fisher, MBA’s vice president of research and economics, told CNBC Americans are seeing their incomes rise and it’s helping home sales. “The purchase market remains supported by an improving U.S. labor market,” Fisher said. “Newly released data from the U.S. Census this week indicates that the median income increased by 5.2 percent last year, the highest rate of increase since 2007. Other recent but less comprehensive measures show wage growth continuing to strengthen in 2016.” Along with higher incomes, low mortgage rates are also drawing potential buyers to the market. Last week, average rates were down across most loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances. Mortgages backed by the Federal Housing Administration also saw a rate decline from the week before. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all U.S. retail residential mortgage applications. More here.

Mortgage Rates Mostly Flat In Latest Survey

The Mortgage Bankers Association’s Weekly Applications Survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. For this reason, it is a closely followed measure of where mortgage rates and application demand are headed. According to the most recent survey, average mortgage rates were mostly flat 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. As a result, both refinance and purchase application demand were also relatively flat from the week before. However, compared to last year both are up. Refinance demand is now 43 percent higher than at the same time last year and demand for loans to buy homes is up 7 percent. Michael Fratantoni, MBA’s chief economist, told CNBC the year-over-year improvement has been seen on both ends of the market. “Although the pace of job growth slowed in August, purchase volume continues to run strong at 7 percent above last year at this time,” Fratantoni said. “This strength is broad based, with growth at both the high and low ends of the market.” More here.

Mortgage Rates Hold Steady Near Lows

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were relatively flat 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. With rates still hovering just above historic lows, demand for mortgage loan applications saw a bump over the week before. In fact, the seasonally adjusted purchase index rose 1 percent from the week before, while the refinance index – which is generally more sensitive to rate movement – saw a 4 percent increase. Michael Fratantoni, MBA’s chief economist, says with rates as low as they are, there should be an even greater increase in the number of borrowers taking advantage of favorable conditions. “The last time rates were at these levels, the refi index was almost twice as high,” Fratantoni told CNBC. “At these rate levels, there are borrowers who still stand to benefit, but there are many homeowners who have already taken advantage of refinancing and are not yet incentivized to do it again.” The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortgage Rates See Slight Increase Last Week

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. The increases, though slight, were enough to cause a dip in mortgage activity. Refinance demand – which is typically more sensitive to rate increases – fell 3 percent from the previous week, while purchase activity was down 0.3 percent from the week before. But though demand was slower on a week-over-week basis, it is still up significantly from last year when mortgage rates were higher. For example, refinance demand is now 45 percent higher than at this time last year and requests for applications for loans to buy homes are nearly 8 percent above last year’s level. Unfortunately, though rates remain low and buyer demand is strong, a lower-than-typical number of homes on the market could be suppressing sales which, despite this, are on track to have their best year in a decade. The MBA’s weekly applications survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage activity. More here.

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.