Tag Archives: Joel Kan

Along with a strain in purchase activity, the MBA's estimate of new home sales fell in January to its slowest annual pace since July 2021.

A rise in rates is putting the brakes on the refi market, as overall app volume continues its downward turn.

Overall purchase and refi application volume has dropped week-over-week, as rates jumped following a three-week stretch of stability.

As rates continue to edge higher, both purchase and refi activity slowed this week with the average loan hitting a record high of $446,000.

As rates shift upward, eager buyers and refinance-seekers are locking in before anticipated hikes continue.

Overall mortgage application volume declined week-over-week, as the pool of borrowers left are losing the incentive to refinance.

The MBA estimates new single-family home sales will continue running at a seasonally adjusted annual rate of 887,000 units in December 2021.

A rise in rates over the last week did not stop the charge of conventional purchase applications, as prospective buyers locked in rate before even more drastic increases.

Nationally, mortgage credit availability was on the rise to close out 2021, hitting levels last seen in May 2021, yet 30% below pre-pandemic levels.

Despite overall mortgage app volume on the upswing to begin 2022, the rise in rates has dropped conventional refis to their lowest levels since January 2020.