Tag Archives: Joel Kan

With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.

The MBA reports April marked the third consecutive month of year-over-year growth in new home purchase apps, as the mortgage rate environment continues to factor into homebuying and selling decisions.

The MBA reports that overall app volume dropped nearly 6% week-over-week, with the 30-year fixed-rate mortgage jumping nine basis points to its highest level in nearly two months.

Despite the Fed continuing to raise interest rates, overall mortgage refinance application volume rose 10% week-over-week, hitting levels last seen in September of 2022.

“Even with high mortgage rates and reduced credit availability, the lack of for-sale inventory continues to be the biggest hurdle to more home purchase growth this year,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

Elevated rates continue to both impact homebuyer affordability and weaken demand for refinancing, as the MBA reports overall app volume fell 1.2% week-over-week.

The MBA reports that despite rates over the 6% mark and low for-sale inventory stunting overall sales, mortgage applications for new home purchases increased 0.6% in March compared to one year ago.

The MBA reports that mortgage app volume rose for the fourth consecutive week, fueled by a continued drop in rates at the outset of the spring buying season.

The dip in mortgage rates has kicked the spring homebuying season off on the right foot, as the MBA reports overall app volume on the rise for the third straight week, amid uncertainty over the health of the banking sector.

According to the latest Mortgage Bankers Association Builder Application Survey data for February 2023, mortgage applications for new home purchases increased just 1.2% compared to the same time a year ago.