Tag Archives: Mortgage application volume

Despite mortgage rates reaching their highest levels since November 2022, overall app volume rose week-over-week, led by an increase in both FHA and VA purchase applications.

“This upward trend is being driven by a resilient economy, persistent inflation, and a more hawkish tone from the Federal Reserve,” said Freddie Mac Chief Economist Sam Khater.

As the fixed-rate mortgage edges closer to 7% and still over a percentage point higher year-over-year, the MBA reports that overall mortgage application volume fell to its lowest level in a month.

While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.

Freddie Mac reports that anticipated Federal Reserve rate hikes forced the 30-year fixed-rate mortgage downward yet again, leading to a slight rise in overall application activity.

Despite a rise in overall mortgage apps week-over-week, the MBA reports that mortgage rates are a percentage point higher than a year ago, and when combined with low for-sale inventory, is constraining home buying activity in many markets.

Along with a lack of inventory in the nation’s housing supply, Freddie Mac reports the 30-year fixed-rate mortgage continues to edge toward the 7% mark, further dampening the spring homebuying season.

As mortgage rates creep toward the 7% mark, the MBA reports a third straight week of waning interest in mortgage apps, with a lack of inventory playing a role in purchase app drop-off.

The MBA reports that overall app volume dropped nearly 6% week-over-week, with the 30-year fixed-rate mortgage jumping nine basis points to its highest level in nearly two months.

Freddie Mac reports that mortgage rates slid this week after two consecutive weeks of gains, amid both the failure of yet another bank and another rate hike from the Federal Reserve.