Tag Archives: Joel Kan

As overall mortgage rates edge closer to 7%, mortgage app volume experienced their fourth consecutive month of declines, with an uptick in ARM loans demonstrating that they remain a feasible option for borrowers seeking ways to reduce their monthly payments.

Continued economic instability and inflationary concerns forced more potential homebuyers to pull back from the market in September, as the MBA reported builder applications fell by 7% over August 2022’s data.

Credit availability fell to its lowest level since March 2013 in September, as reports show credit tightening for the seventh consecutive month.

Mortgage rates continue to trend upward, with more buyers retreating from the marketplace, as the MBA reported a 14.2% weekly decline in overall app volume.

Continued inflationary burdens, and mortgage rates hitting 14-year highs have driven down mortgage applications this week, as the Fed continues to raise rates to combat a volatile economy.

The MBA reports that new home purchase applications were down year-over-year in August but made a comeback after four consecutive months of declines.

For the first time in more than 45 days, mortgage application volume turned upward, as the MBA reported overall app volume rose nearly 4% week-over week, ahead of yet another rate hike by the Fed.

Overall mortgage application volume dipped yet again this week, falling 1.2% week-over-week according to the MBA, with rates edging near the 6%-mark and forcing more homebuyers to the sidelines.

As investors continue to reduce their offerings of ARM and non-QM loan programs and with overall origination volume forecast to constrict, the MBA found mortgage credit availability on the decline once again in August.

Mortgage application volume fell yet again, remaining at multi-decade lows, as the MBA reported an 8% decline in overall refis apps, which now comprise just 30% of all applications nationwide.