Tag Archives: Mortgage Applications

The MBA reports that mortgage rates exceeding the 7% mark and declining purchasing power leading are contributing to fewer new applications nationwide. 

The MBA reports July purchase mortgage applications for new homes dipped 16.1% year-over-year, as high prices and economic instability continue to force the nation’s home buyers to reconsider their options.

As builders continued to face rising costs, supply-chain issues, and extended completion times, the buying market has cooled amid high mortgage rates and lingering affordability concerns.

After weeks of declines, mortgage application volume has trended upward, as refis slowly begin to rise with mortgage rates dipping slightly.

Overall mortgage application volume fell week-over-week, as investors continue to weigh the impact of rapidly increasing inflation nationwide.

Mortgage rates inched higher, as the nation’s economy and employment landscape continue to show solid gains.

As rates continue to edge higher, both purchase and refi activity slowed this week with the average loan hitting a record high of $446,000.

The MBA estimates new single-family home sales will continue running at a seasonally adjusted annual rate of 887,000 units in December 2021.

Continued supply concerns have forced more to reconsider their home purchases, as the year closed out with a decline in overall purchase apps.

Mortgage applications rose 1.8% week-over-week, as the 30-year fixed-rate mortgage held steady at 3.10% as more took advantage of continued low rates to refinance.