Tag Archives: Joel Kan

Mortgage rates fell for the fourth consecutive week, and with lingering concerns over less-than-stellar economic growth, overall homebuyer sentiment continues to lag.

After two weeks of increases in overall mortgage application volume, a holiday-shortened week found volume slipping slightly, despite the 30-year fixed mortgage rate dropping to 6.49%.

After a historic decline in mortgage rates last week, a second consecutive week of rate drops has given way to a 2.2% rise in overall mortgage applications.

With news that inflation may have peaked, Freddie Mac reports that the fixed-rate mortgage fell below the 7% mark, leading to a slight rise in overall mortgage app volume for the week.

The MBA reports that mortgage rates exceeding the 7% mark and declining purchasing power leading are contributing to fewer new applications nationwide. 

The MBA reports an uptick in overall mortgage application volume week-over-week, led by a 4% rise in home purchase applications, despite an 88% year-over-year drop-off in refinance activity.

The MBA reports that credit standards are becoming more restrictive, as its Mortgage Credit Availability Index drops to its lowest level since March of 2013.

As mortgage rates remain in the 7% range, app volume fell slightly this week, with the refinance share of volume hitting a low last seen in August of 2000.

Mortgage rates exceeding the 7% mark have driven overall mortgage app volume down, with refi apps continuing to run more than 80% below last year’s pace.

As mortgage rates rose for the 10th straight week, hitting a 21-year high, housing demand continues to tail off, with the MBA reporting overall app volume falling nearly 2% week-over-week.