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Mortgage Application Volume Revs Up For The First Time Since April May 12 2021, 8:25AM Mortgage application volume rose for the first time since mid-April last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 2.1 percent on a seasonally adjusted basis during the week ended May 7 and was 2.0 percent higher on an unadjusted basis. The Refinance Index gained 3 percent from the previous week but was down 12 percent from its level during the same week one year ago. The refinance share of mortgage activit...

The mortgage rate for 30-year mortgages fell slightly over the past week, marking three straight weeks rates remained below 3%. The average interest rate on a 30-year fixed-rate mortgage fell to 2.96%, according to Freddie Mac. The 15-year fixed-rate mortgage dropped to 2.30%. The dip offers an opening for homebuyers looking to lock in a low rate and for homeowners who didn't get a chance to refinance when rates hit a record low. Rates kicked off the new year at the lowest levels ever and climbed steadily, rising above the 3% threshold on a 30-year fixed rate in March. Then they began droppin...

Mortgage rates might be exceptionally low these days, but borrowers will need impeccable credit to take advantage of them. Interest rates on home mortgage loans hit new lows a whopping 16 times in 2020. Meanwhile, the median credit score among mortgage borrowers rose to a record 786 during the pandemic, according to the New York Federal Reserve, which closely tracks consumer credit data. hand holding house in palm Image zoom Credit: Catherine Falls Commercial/Getty Images While mortgage rates are...

Refis Continue to Dominate Mortgage Apps Dec 23 2020, 4:54AM In its last report of 2020, the Mortgage Bankers Association (MBA) said refinancing represented nearly three-quarters of application activity during the week ended December 18 while purchase applications declined. MBA's Market Composite Index, a measure of mortgage loan application volume, increased 0.8 percent on a seasonally adjusted basis from one week earlier and was up 1 percent on an unadjusted basis. The Refinance Index increased 4 percent from the previous week and was 124 percent higher than the...