Tag Archives: Mortgage application volume

As fixed-rate mortgages continue to edge toward 7%, the MBA reports refinance volume has dropped off nearly 90% from last year’s totals, as both refinancing and home purchase apps declined and fell further behind last year’s record levels.

On the heels of the Fed’s rate hike, mortgage rates edged near the 7% mark last week but trended back downward this week amid ongoing economic uncertainty.

Mortgage rates continue to trend upward, with more buyers retreating from the marketplace, as the MBA reported a 14.2% weekly decline in overall app volume.

The last time mortgage rates hovered near the 7% range was two decades ago, as continued Fed actions to ease inflation have forced the fixed-rate mortgage to 20-year highs.

As the Federal Reserve issues another rate hike to tame high-riding inflation, Freddie Mac reported the fixed-rate mortgage climbed 27-basis points over last week, rising to levels last seen in 2008.

Overall mortgage application volume dipped yet again this week, falling 1.2% week-over-week according to the MBA, with rates edging near the 6%-mark and forcing more homebuyers to the sidelines.

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.

After falling back toward the 5%-mark, Freddie Mac reports that mortgage rates rose more than 40-basis points this week, as continued slowdown in economic growth weighs on the housing market.

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.