Tag Archives: Joel Kan

After three weeks of consecutive declines, mortgage application volume took a sudden turn upward this week, despite mortgage rates nearing the 7% mark.

Overall mortgage application volume fell 5.7% week-over-week, with homebuyers again retreating to the sidelines as a spike in mortgage rates hampered affordability.

A four-month high in mortgage rates has led to a steady decline in overall mortgage application volume, as the MBA reports purchase applications falling to levels last seen in 1995.

After five consecutive weeks of decreases, a slight uptick in mortgage rates forced mortgage app volume to fall nearly 8% week-over-week.

An upcoming Senate Banking Committee hearing will examine the nation’s housing space, as rates continue to drop and buyers are re-entering the fray.

“Mortgage rates declined for the fourth straight week and have now fallen almost 40 basis points over the past month,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

The MBA reports that, despite rates still in the 6% range, refinance apps increased 5% over the previous week—but are still 86% lower year-over-year.

Elevated mortgage rates continue to accentuate affordability concerns, keeping many prospective buyers out of the market. Meanwhile, the MBA reports application volume slid to close out 2022.

As the fixed-rate mortgage slips another week, the MBA reports that mortgage apps have risen week-over-week amid news of the Fed’s latest action to correct the nation’s inflationary concerns.

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