Tag Archives: Mortgage application volume

A market reset may be underway, as fixed-rate mortgages fell just below 5% for the first time since April 7, continuing a trend of instability amid inflationary pressures and a slowdown in economic growth.

In anticipation of another rate hike by the Federal Reserve, mortgage rates retreated downward this week, as purchase demand continued to fall, as the prospect of a recession continues to loom.

The MBA reports that overall application volume is down yet again, with lingering economic uncertainty and affordability issues keeping prospective buyers on the sidelines.

Month-over-month, home prices fell 0.9% in May, as CoreLogic S&P Case-Shiller reports actions by the Federal Reserve to cool the market have made mortgage financing more expensive for buyers nationwide.

Rising rates and a dwindling demand for refis has pushed mortgage applications down for a third consecutive week, falling to lows last seen in 2000.

Freddie Mac reports that mortgage rates climbed back upward to 5.51% this week, just one week after a sharp drop and paced by “runaway” inflation.

Ongoing affordability challenges and low inventory are pushing mortgage application volume back down, after a near-month-long stretch of trending upward, according to the MBA.

Following a near-month-long 72-basis point rise, fixed-rate mortgages turned downward this week, signaling a potential reset in the housing market.

As fixed-rate mortgages crawl to the 6%-mark, mortgage application volume did rise slightly for the third consecutive week, but refinance volume trended in the opposite direction, falling 80% year-over-year.

Sales of new single‐family homes in May rose to 696,000, a 10.7% month-over-month rise of April’s recorded total of 629,000.