Tag Archives: Mortgage application volume

As mortgage rates begin to ascend, overall mortgage purchase and refinance application volume has begun to tail off.

On the heels of the Fed’s tapering announcement, mortgage apps climbed over the previous week, led by an uptick in refis.

Overall mortgage application volume declined from last week, led by a drop in refinance volume to levels not seen since January 2020.

Loan originators saw a 2.44% decrease in per-loan commission rates in the third quarter, as purchase apps held steady, but refi apps tailed off.

With mortgage rates still in refi-friendly territory, dropping week-over-week, according to Freddie Mac’s weekly report.

Both purchase apps and refinances showed declines this week, as first-time homebuyers are being “squeezed” out of the market as a result of short supply and high prices.

For the first time in 10 weeks, mortgage rates have risen above the 3% mark, with forecasters projecting a gradual rise in rates to close out 2021.

Contrary to the fact that homes remain in demand, tight supply and a rise in listing prices are driving down mortgage application volume.

This week, the MBA’s seesaw mortgage applications survey will provide some insight into the state of the marketplace, with continued low rates not enough to coax buyers off the fence for fear of overpaying.

Freddie Mac reports mortgage rates dipping again below the 3% mark, as the trend of inconsistency continues to rock the housing market.