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Tag Archives: Refinance Index

Mortgage Applications Reach Lowest Level in Nearly Three Decades

“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.”

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Mortgage Apps Drop 30% YoY

Mortgage application volume fell has fallen for a month straight, with purchase activity constrained by rates nearing the 7% mark and a lack of for-sale inventory.

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Share of ARM Loans Climbs to 14-Year High Mark

As overall mortgage rates edge closer to 7%, mortgage app volume experienced their fourth consecutive month of declines, with an uptick in ARM loans demonstrating that they remain a feasible option for borrowers seeking ways to reduce their monthly payments.

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