Mortgage applications increased 8.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 16, 2021.
. The Refinance Index increased 10 percent from the previous week and was 23 percent lower than the same week one year ago.
The seasonally adjusted Purchase Index increased 6 percent from one week earlier. The unadjusted Purchase Index increased 7 percent compared with the previous week and was
57 percent higher than the same week one year ago.
“Mortgage rates dropped to their lowest levels in around two months, prompting a small resurgence in
refinance activity after six weeks of declines. Borrowers acted on the decrease in rates for most loan
Interest Rate Drop Drives Sudden Surge In Housing Activity inman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from inman.com Daily Mail and Mail on Sunday newspapers.
Coronavirus Economic Weekly News 18April 2021
News posted last week about economic effects related to the coronavirus 2019-nCoV (aka SARS-CoV-2), which produces COVID-19 disease, has been surveyed and some articles are summarized here. We cover the latest economic data, especially the new coronavirus relief bill and stimulus checks, government funding, the latest employment data, housing market reports, mortgage delinquencies & forbearance, layoffs, lockdowns, and schools, as well as GDP. The bulk of the news is from the U.S., with a few more articles from overseas at the end. (Picture below is morning rush hour in downtown Chicago, 20 March 2020.) News items about epidemiology and other medical news for the virus are reported in a companion article.
Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 9, 2021.
. The Refinance Index decreased 5 percent from the previous
week and was 31 percent lower than the same week one year ago.
The seasonally adjusted Purchase
Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 1 percent
compared with the previous week and was
51 percent higher than the same week one year ago.
Purchase and refinance applications declined, with most of the pullback coming earlier in the week when
rates were higher. Treasury yields started last week high – close to the prior week’s level at over 1.7
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Activity in the housing market is beginning to decrease overall as rates rise, but this is especially true for mortgage refinances.
The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier, according to the Weekly Mortgage Applications Survey from the Mortgage Bankers Association. On an unadjusted basis, the index decreased 3 percent compared with the previous week.
“Purchase and refinance applications declined, with most of the pullback coming earlier in the week when rates were higher,” said Joel Kan, MBA associate vice president of economic and industry forecasting, in a statement. “Treasury yields started last week high – close to the prior week’s level at over 1.7 percent – before decreasing 6 basis points.”