If you have kept an eye on mortgage interest rates as they climb to the highest point in years, it’s no surprise to read this article on MortgageNewsDaily state “The Mortgage Bankers Association’s (MBA) latest weekly mortgage application data shows an ongoing and unsurprising decline in refinance applications.” In light of increased prices and rising rates it is interesting to note that purchase application volume is only seeing a slight decline.
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Mortgage Application Volume Drops 8% in One Week
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.”
Learning About The Multiple Factors In Play Each Time Mortgage Rates Change
If you are like most Americans, you’ve spent the last few years watching mortgage rates reach historic lows. It is a complex set of factors that impact mortgage rates, and many articles attempt to simplify it.
A recent article on MortgageNewsDaily.com goes into great detail about the various aspects, including graphs that help us visualize what they are saying, It’s a good read if you want to gain a better understanding of the topic.
Single Family Home Sales Increase in July After 3 Months of Decline
Surging home prices and strong demand caused a three month reduction in single family homes sales, but this trend was reversed with a small 1% increase in July.
Mortgage Rates Drop to Near Lowest Levels in the Past Month
After seeing mortgage rates increase in the first quarter of 2021, homeowners and buyers that are in the process of seeking mortgage loans were excited to see mortgage rates drop to the lowest levels seen in the past month.
Millennials Are Largest Segment of Home Buyers for 8th Consecutive Year
According to reports from the National Association of Realtors (NAR), millennials represent 37 percent of all homebuyers this past year, and have made up the largest share of homebuyers for 8 consecutive years. Another interesting fact from the NAR is that many of the homes being purchased are considered multigenerational homes that will house adult siblings, adult children, parents, or grandparents.
Mortgage Refinance Activity In February Breaks 9 Year Record
Homeowners took advantage of February’s mortgage refinance interest rates below 3% with a resyktubg 68% of all mortgage loans being refinance loans. Although rates have slowly increased in March, the refinance activity is still very high.
Mortgage Refinance Loan Volume drops in Mid January 2021
Mortgage interest rates have begun to rise, and as a result January saw the first decrease in mortgage refinance volume since November 2020. The long running record of historically low rates may be news of the past after several weeks of rising rates.
Understanding Fannie Mae’s Home Purchase Sentiment Index (HPSI)
If you are following home purchase trends, whether you are a buyer or a seller, you will find many sources and indexes that will help you in your decision making process.
Have You Heard about 1.99% Mortgage Rates? There’s a Catch!
The mortgage industry has been offering incredibly low rate loans with low or no fees. Recent weeks have seen some mortgage lenders promoting their new 1.99% fixed rate loans, but it’s important to understand the fees involved in these loans. They might be a very good choice for some borrowers but are also a very wrong choice for many.