Rapidly rising mortgage interest rates are having a direct impact on mortgage application volumes, particularly for mortgage refinance applications. In an article by Adam DeSanctis for the Mortgage Bankers Association (MBA) “The Market Composite Index, a measure of mortgage loan application volume, decreased 8.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The Refinance Index decreased 14 percent from the previous week and was 54 percent lower than the same week one year ago.”
The MBA compiles the Weekly Mortgage Applications Survey, which is a good source for comparative weekly data on overall mortgage activity.
These articles provide valuable insights and statistics on current mortgage applications:
Mortgage Applications Decrease in Latest MBA Weekly Survey
Purchase Applications Remain Resilient While Refis Keep Sliding
Notary Near You can help smooth out the transaction process! Notary Near You provides a business platform that allows you to request a public notary at the touch of a button, anytime and anywhere. We come to you! Contact us for all of your notary needs! 877-395-2650 Toll Free OR email: [email protected].