Tag Archives: adjustable-rate mortgage (ARM)

In a holiday-shortened week, mortgage rates rose slightly, hitting 3.11%, yet remaining within range of all-time lows.

Mortgage applications rose 1.8% week-over-week, as the 30-year fixed-rate mortgage held steady at 3.10% as more took advantage of continued low rates to refinance.

Overall mortgage application and refi volume fell week-over-week, as well as dropping 31% year-over-year.

For the first time in over a month, mortgage rates have dropped below the 3% mark, signaling a strong finish for the purchase and refi markets to close out 2021.

On the heels of the Fed’s tapering announcement, mortgage apps climbed over the previous week, led by an uptick in refis.

The days of rates in the 3% range may be numbered, as yesterday’s actions by the Fed to begin tapering may put upward pressure on rates moving forward.

Overall mortgage application volume declined from last week, led by a drop in refinance volume to levels not seen since January 2020.

With rates on the rise, a slight uptick in purchase apps compensated for a slide in refinance apps, which hit lows last seen in January 2020.

Fueled by the trajectory of both the economy and the pandemic, mortgage rates advanced upward this week; however, the housing market is expected to remain strong as 2021 comes to an end.

With mortgage rates hitting near 18-month highs, a new report found a 6.3% slide in both purchase and refi apps week-over-week.