mortgage apps
Items include
Economic Indicators
Mar 22, 2023
Bottom Line: Mortgage applications rose for the third consecutive week, despite massive interest rate volatility and banking uncertainty. The 30-year mortgage rate fell sharply, dropping to an average of 6 5/8% after hitting 7% early in the month. Applications for...
Mar 15, 2023
Bottom Line: Mortgage applications rose last week, despite the turmoil in the banking system. Even as the 30-year fixed-rate mortgage still averaged close to 7%, according to the survey, mortgage bankers saw a jump in both refi and purchase applications....
Mar 8, 2023
Bottom Line: Mortgage applications rose last week, despite the average 30-year fixed-rate mortgage pushing back above 7% for the first time since November. Purchase applications led the gains as potential buyers on the fence jumped to lock-in rates amid renewed...
Mar 1, 2023
Bottom Line: Mortgage applications fell again last week as the average 30-year fixed rate rose to nearly 7%, up from 6 3/8% in late January on the average 30-year fixed rate. Purchase applications hit a new low as applications for...
Feb 22, 2023
Bottom Line: Mortgage rates rose sharply again last week, rebounding to 6.84% from 6 3/8% in late January on the average 30-year fixed rate. Purchase applications hit a new low as applications for refinancing edged lower. Despite most homeowners enjoying...
Feb 15, 2023
Bottom Line: Mortgage rates rose sharply last week, putting a damper on mortgage applications and highlighting how sensitive homebuyers and potential refinancings remain to rates. The effective average 30-year mortgage rate jumped nearly a 1/4 point to 6.60%, responding to...
Feb 8, 2023
Bottom Line: After declining in the final week of January, mostly due to seasonal adjustments around the MLK holiday, mortgage applications rebounded last week. Primary mortgage rates eased lower, with the average 30-year fixed rate mortgage below 6 3/8%, well...
Feb 1, 2023
Bottom Line: Despite a further drop in primary mortgage market rates, mortgage applications tumbled in the last full week of January. Much of the decline, though, was due to difficult seasonal adjustments following the MLK holiday. The average 30-year fixed...
Jan 25, 2023
Bottom Line: The primary mortgage market continued to show signs of life last week, benefiting from a modest decline in mortgage rates this year. Purchase applications rose to their highest level since October and, while still historically low, continued to...
Jan 11, 2023
Bottom Line: Mortgage applications rose just slightly in the first week of 2023 but remained near record lows. Purchase applications edged lower as refis inched higher. Secondary market mortgage spreads tightened sharply in the first week of trading, pushing down...
Jan 4, 2023
Bottom Line: Mortgage applications fell sharply in the final week of the year as mortgage rates edged higher, ending a year of historic upward moves in mortgage rates and record declines in mortgage applications. While the seasonal adjustment factors can...
Dec 14, 2022
Bottom Line: Mortgage applications jumped 3+% last week as mortgage bankers pushed to get loans processed before the holiday season slows activity. While normally a 3% bump would be significant, the level of applications is so low that it barely...
Dec 7, 2022
Bottom Line: Applications fell in the first full week following the Thanksgiving holiday, led lower by applications for purchases. The average effective 30-year mortgage rate was down to 6.6%, roughly 50bps below its high of early November. Refinancing applications rose...
Nov 30, 2022
Bottom Line: Applications fell just slightly more than the MBA's seasonal adjustment factor for the Thanksgiving holiday, always a hard one to adjust for given the extent of Friday mortgage banking activity is hard to predict. While secondary market rates...
Nov 23, 2022
Bottom Line: A nearly 3% increase in mortgage applications last week was barely noticeable as the overall level of applications remained near historic lows. The average 30-year mortgage rate available to borrowers fell for the second week, dropping back below...
Nov 16, 2022
Bottom Line: Average mortgage rates dropped 30 basis points last week, spurring a modest increase in purchase applications. Only the second significant decline in rates since the 400 basis point march higher started early this year, some potential buyers were...
Nov 9, 2022
Bottom Line: Purchase applications inched higher last week, offering hints of stabilization after declining sharply since February. Average mortgage rates were higher but still bouncing around 7.25%, where they have been for nearly a month. Applications for refinancing continued to...
Oct 12, 2022
Bottom Line: Mortgage rates averaged 7.09% in the first week of the 4th Quarter, pushing mortgage applications to a record low. Applications for purchases remained just a touch above 2015's lows, but refis slowed to another historic low. Secondary mortgage...
Oct 5, 2022
Bottom Line: Mortgage rates averaged over 7% in the final week of September, nearly bringing mortgage applications to a complete halt. The Mortgage Bankers Association's application index was down over 14%. The Refi Index hit a new record low, while...
Sep 28, 2022
Bottom Line: Mortgage rates hit 6.85% for the average 30-year fixed-rate last week and were over 7% in many cases this week as secondary market mortgage yields rose even more than Treasuries. Pending home sales in August confirmed what was...
Sep 14, 2022
Bottom Line: Mortgage rates continued their ascent, averaging 6.23% last week with the secondary market even higher through Tuesday of this week. As Treasury yields moved higher mortgage spreads widened, further exacerbating the move in mortgage yields. The refi index...
Aug 31, 2022
Bottom Line: As the average 30-year fixed-rate mortgage pushed back over 6% last week, applications for purchases and refinancings fell sharply. The refi index hit a new 15+ year low, while the purchased index hit levels last seen in 2016....
Aug 24, 2022
Bottom Line: After declining for much of July and through the first half of August, mortgage rates jumped higher last week, sending mortgage applications lower again. Already historically depressed with most existing mortgage borrowers holding mortgages below 4%, the refinance...
Aug 10, 2022
Bottom Line: Mortgage applications rose only slightly to start August, with applications for refinancing edging up but purchase applications dropping again. After secondary market yields dropped in mid-July, it took several weeks for mortgage bankers to comfortably pass along lower...
Aug 3, 2022
Bottom Line: Mortgage applications rose slightly but remained near record lows even as effective mortgage rates fell to 5.62% after eclipsing 6% earlier in the month. Mortgage bankers were finally able to pass along some of the decline in secondary...
Jul 27, 2022
Bottom Line: Mortgage applications fell further last week, with the Mortgage Banker's Association's index hitting a new cycle low. While secondary market spreads to Treasuries have held about 10-15bps tighter since early August, mortgage bankers have yet to pass along...
Jul 20, 2022
Bottom Line: Mortgage applications fell again last week, with the Mortgage Banker's Association's index hitting a new low. The purchase index hit a new low for this cycle but remained above levels seen in 2015, while the refinance index continued...
Jul 13, 2022
Bottom Line: Mortgage applications fell last week as applications for purchases fell, even after adjusting for the holiday-shortened week, resuming a downtrend after several weeks of a modest rebound. Current coupon yields jumped last week, but primary mortgage rates, which...
Jul 6, 2022
Bottom Line: Mortgage applications fell for the first time in four weeks and remain firmly in a downtrend as mortgage rates remain historically high, despite the recent pullback. Current coupon yields in the secondary market were down over 65bps from...
Jun 29, 2022
Bottom Line: Mortgage applications rose for the third week, despite historically high mortgage rates. The slight increase was driven by applications for refinancing, which remain historically very depressed, with the vast majority of mortgage borrowers enjoying rates some 250+...
Jun 22, 2022
Bottom Line: Mortgage applications rose last week, mostly catch-up after a holiday-shortened the prior week. While notable given the record moves in mortgage rates last week, the uptick still barely shows up on a trend basis. Applications for refinancing sit...
Jun 15, 2022
Bottom Line: Mortgage applications rose last week, mostly catch-up after a holiday-shortened the prior week. While notable given the record moves in mortgage rates last week, the uptick still barely shows up on a trend basis. Applications for refinancing sit...
Jun 8, 2022
Bottom Line: Mortgage applications fell further in the first few days of June as purchase applications dropped with mortgage rates holding above 4.5% on 5/1 ARMS (a 30-year amortizing mortgage with a 5-year fixed-rate and an adjustable rate thereafter) and...
Jun 1, 2022
Bottom Line: Mortgage applications fell in the week ended May 27th as purchase applications were modestly lower and refis fell sharply, despite the first significant decline in rates in several months. Mortgage rates eased lower for the second week, back...
May 25, 2022
Bottom Line: Mortgage applications fell slightly in the week ended May 20th as purchase applications edged up just a touch while refinancing applications fell. Mortgage rates fell last week, down to about 5 5/8% for the average borrower, off the...
May 18, 2022
Bottom Line: Purchase applications, which had held up remarkably well given the upward move in mortgage rates, fell sharply last week, hitting the lowest level since the pandemic. Refinancing fell again last week and remains near record lows with most...
May 11, 2022
Bottom Line: Purchase applications edged higher for a second week in a row, even as the effective mortgage rate (adjusted for points paid) hit nearly 5 3/4%. While the trend in purchase applications is still to the downside, the level...
May 4, 2022
Bottom Line: Applications for purchases rebounded slightly as mortgage rates stabilized. While the trend in purchase applications remains firmly to the downside, the level of applications relative to periods of similarly elevated mortgage rates remains impressive. Refinancing, of course, remains...