Tag Archives: MBA

“Homebuyer affordability improved for the second consecutive month in December as interest rates declined significantly from recent highs,” said Edward Seiler, MBA’s Associate VP of Housing Economics and Executive Director for the Research Institute for Housing America. Here’s what to expect as we approach spring.

According to Joel Kan, MBA’s VP and Deputy Chief Economist, “Mortgage applications for new homes showed a 22% annual gain in December—the 11th consecutive year-over-year increase in applications.”

The Mortgage Bankers Association (MBA) has announced the unexpected passing of former President and CEO David H. Stevens, CMB. Bob Broeksmit, MBA sitting President and CEO said the industry veteran "is remembered as a great mentor, boss, and friend."

More home sellers are offering concessions to draw in buyers, in part fueling purchase activity, which jumped nearly 40% in October compared to a year ago. Read the full breakdown of data in the MBA’s latest Builder Application Survey.

As record-high mortgage rates continue to hinder potential homebuyers nationwide, new home purchase activity weakened in September, according to the MBA's Builder Application Survey.

Mortgage application payments increased slightly in August to $2,170, according to MBA's Purchase Applications Payment Index, while overall homebuyer affordability declined, as homebuyers’ budgets continue to be impacted by high home prices and mortgage rates above 7%.

Purchase demand remained strong in August for newly constructed homes, increasing 20.6% compared to a year ago, according to the MBA Builder Application Survey, while the average loan size for new homes increased to $398,092.

“Mortgage applications decreased for the seventh time in eight weeks, reaching the lowest level since 1996,” said Joel Kan, MBA’s VP and Deputy Chief Economist. “Last week’s decline was driven by a 5% drop in refinance applications, to the weakest reading since January 2023.”

The MBA's Mortgage Credit Availability Index revealed that August's share of mortgage credit availability was on the upswing after a decrease in July, which resulted in the lowest level of credit availability recorded since 2013.

“Prospective homebuyers continued to face challenging conditions in July, with elevated and volatile mortgage rates and low housing inventory serving as a formidable one-two punch that suppressed mortgage applications and sales activity,” said Edward Seiler, MBA’s Associate VP, Housing Economics, and Executive Director, Research Institute for Housing America.