Tag Archives: Joel Kan

Following a near-month-long 72-basis point rise, fixed-rate mortgages turned downward this week, signaling a potential reset in the housing market.

As fixed-rate mortgages crawl to the 6%-mark, mortgage application volume did rise slightly for the third consecutive week, but refinance volume trended in the opposite direction, falling 80% year-over-year.

The MBA reports that purchase activity was down 10% year-over-year, as inventory shortages and higher mortgage rates are dampening demand.

After nearly a month of declines in mortgage application volume, the MBA reported that apps rose 6.6% week-over-week, as the industry braces itself for the latest rate hike by the Fed.

The MBA reports overall mortgage app volume slid 6.5% week-over-week, with buyers continuing to be shunned by a combo of high rates and prices, amid slowly rising inventory.

As builders continued to face rising costs, supply-chain issues, and extended completion times, the buying market has cooled amid high mortgage rates and lingering affordability concerns.

With rates still above the 5% mark, mortgage application volume fell for the fourth time in five weeks, hitting a low last seen in December of 2018.

Consistently rising mortgage rates are forcing many refi borrowers to reconsider, as refinance activity is down 66% year-over-year according to the MBA.

A rise in mortgage rates over the 5% mark, and an increase in prices has impacted April buyer activity, as buyers wait for the market to show signs of stability.

With interest by prospective buyers waning, mortgage application volume fell 11% week-over-week, as economic volatility has forced some households to delay their home search.