Tag Archives: Joel Kan

As mortgage rates begin to ascend, overall mortgage purchase and refinance application volume has begun to tail off.

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.

Still hampered by supply-chain concerns, home builders slowed their pace in October, as buyers absorbed a 12.3% annual increase in construction costs.

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

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

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

Mortgage rates have risen to 3.14%, up five basis points, with refi activity dipping for the fifth straight week.

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.

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.

Eclipsing the 3% mark for the first time since April, fixed-rate mortgages hit 3.05% this week, with inflationary pressure building due to lingering pandemic issues, and a constricting monetary policy.