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Application Volume Plunges to 25 Year Low

There were two storms brewing last week and each contributed to driving mortgage applications to generational lows. The Mortgage Bankers Association (MBA) said the continuing rise in interest rates and the devastating hurricane that hit Florida and the Carolina’s contributed to a double-digit decline in its indices that measure mortgage application volume. The Market Composite Index for the week ended September 30 was down 14.2 percent on a seasonally adjusted basis from one week earlier and 14 percent before adjustment. The Refinance Index fell 18 percent from the previous week and was 86 percent lower than the same week one year ago. The refinance share of mortgage activity dipped to 29.0 percent from 30.2 percent the previous week. The Purchase Index dropped by 13 percent week-over-week on both an adjusted and an unadjusted basis. It was down 37 percent from the same week in 2021. MBA’s Associate Vice President of Economic and Industry Forecasting, Joel Kan said, “Mortgage rates continued to climb last week, causing another pullback in overall application activity, which dropped to its slowest pace since 1997. The 30-year fixed rate hit 6.75 percent last week – the highest rate since 2006. The current rate has more than doubled over the past year and has increased 130 basis points in the past seven weeks alone. The steep increase in rates continued to halt refinance activity and is also impacting purchase applications, which have fallen 37 percent behind last year’s pace. Additionally, the spreads between the conforming rate compared to jumbo loans widened again, and we saw the ARM share rise further to almost 12 percent of applications.”

Florida , United-states , Joel-kan , Weekly-mortgage-application , Mortgage-bankers-association , Market-composite-index , Refinance-index , Purchase-index , Vice-president , Industry-forecasting , Hurricane-ian ,

US mortgage rates rise for the SEVENTH week to 6.75% - the highest in 16 years

Mortgage rates hit 6.75 percent last week, the highest level since 2006. The mortgage rate spikes have resulted in applications to buy or refinance homes to drop by 14 percent last week.

New-york , United-states , Florida , California , Central-park-west , Joel-kan , Jason-aleem , Miller-samuel , Jonathan-miller , Douglas-elliman , Google , Federal-reserve

Mortgage Applications Decline, Refi Volume Hits 22-Year Low

Average mortgage interest rates increased significantly during the week ended September 23. As a result, the Mortgage Bankers Association (MBA) said the volume of mortgage applications gave back most of its prior week gains when it had increased for the first time in six weeks. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier and was 4 percent lower on an unadjusted basis. The Refinance Index dropped back by 11 percent week-over-week and was 84 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 30.2 percent from 32.5 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 0.4 percent from one week earlier and was 1 percent lower before adjustment. Applications were down 29 percent compared to the same week in 2021. [purchaseappschart] “Applications for both purchase and refinances declined last week as mortgage rates continued to increase to multi-year highs following more aggressive policy measures from the Federal Reserve to bring down inflation,” Joel Kan said. “Additionally, ongoing uncertainty about the impact of the Fed’s reduction of its MBS and Treasury holdings is adding to the volatility in mortgage rates. The 30-year fixed rate was 6.52 percent, its highest level since mid-2008. After a brief pause in July, mortgage rates have increased more than a percentage point over the past six weeks .”

Joel-kan , Weekly-mortgage-applications , Federal-reserve , Mortgage-bankers-association , Market-composite-index , Refinance-index , Purchase-index , Vice-president , Industry-forecasting ,

The Mortgage Mix: Rates Keep Climbing and Forecasts Need Revising

Mortgage rates continue to rise after another interest rate hike, leaving forecasters to rethink their outlook for the housing market.

California , United-states , Freddie-mac , Joel-kan , Jerry-maguire , Roger-scott-dyer , Sam-khater , Dominic-ahiga , National-mortgage-news , Consumer-financial-protection-bureau , Mortgage-bankers-association , Fannie-mae

Powell Says No 'Painless' Way to Tame Inflation, Vows to Crush Demand, Dent Job Market

Federal Reserve Chair Jerome Powell sent a stark message to markets following the decision to hike rates by another 75 basis points, with the central bank chief telling reporters that there's no "painless" way to bring down inflation and warning there could be more than just a "relatively modest" rise in unemployment as the Fed tightens monetary settings aggressively.

United-states , Michigan , American , Jerome-powell , Joel-kan , Roy-peter-clark , Gregory-daco , Tom-ozimek , Lawrence-yun , Nouriel-roubini , Bloomberg , University-of-michigan-consumer-sentiment-index

Application Volume Rises Slightly Despite Big Rate Increases

Mortgage application activity increased for the first time in six weeks during the period ended September 16 although the prior week had been shortened by a major holiday weekend. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage loan application volume, increased 3.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 14 percent compared with the previous week. The Refinance Index jumped 10 percent, its largest single week gain since late January, but was still 83 percent lower than the same week one year ago. Refinance applications represented 32.5 percent of total activity, up from 30.2 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index was up slightly for the second week, rising 1 percent. The unadjusted version was 11 percent higher on a weekly basis but was down 30 percent on an annual basis. [purchaseappschart] Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting commented, “Treasury yields continued to climb higher last week in anticipation of the Federal Reserve’s September meeting, where it is expected that they will announce – in their efforts to slow inflation – another sizable short-term rate hike. “Mortgage rates followed suit last week, increasing across the board, with the 30-year fixed rate jumping 24 basis points to 6.25 percent – the highest since October 2008. As with the swings in rates and other uncertainties around the housing market and broader economy, mortgage applications increased for the first time in six weeks but remained well below last year’s levels, with purchase applications 30 percent lower and refinance activity down 83 percent. The weekly gain in applications, despite higher rates, underscores the overall volatility right now as well as Labor Day-adjusted results the prior week.”

Joel-kan , Weekly-mortgage-applications , Mortgage-bankers-association , Market-composite-index , Refinance-index , Purchase-index , Vice-president , Industry-forecasting , Federal-reserve , Labor-day-adjusted ,

Joel Kan, Author at HousingWire

Joel Kan, Author at HousingWire
housingwire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from housingwire.com Daily Mail and Mail on Sunday newspapers.

Ann-arbor , Michigan , United-states , Joel-kan , Builder-applications , Weekly-mortgage-applications , University-of-michigan , Associate-vice-president , Industry-forecasting , Mortgage-bankers , Weekly-mortgage-applications-survey , Builder-applications-survey

Rate Volatility Continues to Roil Application Volume

The volume of mortgage applications fell again last week, dragged lower by refinancing which had its largest week-over-week decline since mid-May. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index fell 5 percent. The Refinance Index plunged by 8 percent and was 83 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 30.3 percent of total applications from 31.1 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 2 percent and the unadjusted version was down 4 percent from the prior week. That index was 23 percent below its level during the same week in 2021. [purchaseappschart] Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said rate volatility is responsible for the volume declines. “Mortgage rates and Treasury yields rose last week as Federal Reserve officials indicated that short-term rates would stay higher for longer. “Mortgage rates have been volatile over the past month,” he said, “ bouncing between 5.4 percent and 5.8 percent. In another sign that market volatility has picked up, the average rate on a jumbo loan was 5.32 percent, 48 basis points lower than for a conforming loan. This spread reached a high of over 50 basis points in July – and had narrowed – before now widening again.”&nbsp;

Joel-kan , Weekly-mortgage-applications , Federal-reserve , Mortgage-bankers-association , Market-composite-index , Refinance-index , Purchase-index , Vice-president , Industry-forecasting , Mortgage-applications-survey ,

Affordability Crisis Boosts Borrower Appetite for 'Riskier' Loan Products — RISMedia

Experts dive into an upward trend in the adjustable rate mortgage demand as the market shifts.

Shant-banosian , Joel-kan , Rick-sharga , Consumer-financial-protection-bureau , Data-solutions , Industry-forecasting-for-the-mortgage-bankers-association , Jacob-channel , Industry-forecasting , Mortgage-bankers-association , Guaranteed-rate , Great-recession ,

Application Volumes Rival Early Pandemic Levels

Application Volumes Rival Early Pandemic Levels
mortgagenewsdaily.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgagenewsdaily.com Daily Mail and Mail on Sunday newspapers.

Joel-kan , Weekly-mortgage-applications , Mortgage-bankers-association , Weekly-mortgage-applications-survey , Composite-index , Refinance-index , Purchase-index , Vice-president , Industry-forecasting ,