Tag Archives: MBA Purchase Index

Despite the fixed-rate mortgage dipping slightly over last week, rates still linger nearly 30 basis points higher than they were a month ago. The MBA reports purchase apps have dropped to their lowest levels since 1995, and refi apps to points last found in January 2023.

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.

As mortgage rates cross the 5%-mark, application volume continues to tail off, the share of ARMs apps rose, a positive sign in purchase demand while affordability challenges linger.

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.