Tag Archives: MBA’s Purchase Index

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 consistent decline in mortgage rates has attracted the attention of buyers and those seeking refis, as the MBA reports a rise in mortgage apps in excess of 7% week-over-week.

As the fixed-rate mortgage fell to a near-five-month low, prospective buyers and those seeking refis brought life into the marketplace, boosting mortgage apps 27.9% over last week’s totals.

After two weeks of increases in overall mortgage application volume, a holiday-shortened week found volume slipping slightly, despite the 30-year fixed mortgage rate dropping to 6.49%.

The MBA reports an uptick in overall mortgage application volume week-over-week, led by a 4% rise in home purchase applications, despite an 88% year-over-year drop-off in refinance activity.

Mortgage rates exceeding the 7% mark have driven overall mortgage app volume down, with refi apps continuing to run more than 80% below last year’s pace.

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.

With mortgage rates spiking upward, mortgage application volume took another hit, falling for the fourth consecutive week, as markets continued to re-assess the prospects for the economy and the path of monetary policy.