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For the week ending Feb. 11, mortgage applications decreased 5.4% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the...
The number of mortgage applications from prospective homebuyers declined for the week ending Feb. 4, along with the share of refinance applications, following the rise in interest rates.
Mortgage application volume surged 12 percent two weeks ago but gave back a large chunk of that gain during the week ended February 4. last week. The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of that volume, decreased 8.1 percent on a seasonally adjusted basis from one week earlier and lost 6 percent on an unadjusted basis. The Refinance Index decreased 7 percent from the previous week and was 52 percent lower than the same week one year ago. The refinance share of mortgage activity dipped to 56.2 percent of total applications from 57.3 percent the pr...
But refinances came in 50% below levels from a year ago, with rate-and-term activity falling by over 40% in the third quarter of last year, according to TransUnion.
Home buyers bracing for higher mortgage rates in 2022 because of a shift in Federal Reserve policy got a sneak peak during the first week of January, as the 30-year mortgage rate hit its highest point...