Tag Archives: Purchase activity

Despite mortgage rates steadily falling over the last month of 2023, overall mortgage application volume slipped nearly 10% over a two-week span to close out the rollercoaster ride that was the housing market of 2023.

As we head into Halloween, mortgage rates continue to edge closer to the 8% mark, resulting in the longest consecutive rate rise reported since the Spring of 2022. Click through to see what else buyers may fear as we enter the final months of 2023.

While economic uncertainties remain a struggle for many Americans, rate hikes continued to slow overall housing market activity in August as mortgage rates reached their highest in over two decades, according to HouseCanary's Market Pulse report.

The MBA reports that new home purchase mortgage applications in June rose 26.1% year-over-year, despite mortgage rates nearing the 7% mark.

Mortgage application volume fell has fallen for a month straight, with purchase activity constrained by rates nearing the 7% mark and a lack of for-sale inventory.

As affordability struggles worsen for homeowners and buyers nationwide, for-sale inventory is now at its lowest level since April 2022, according to Black Knight's latest Mortgage Monitor Report for April.

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

Fixed-rate mortgages took a 0.40% dip this week on the heels of recent volatility of the 10-year Treasury yield.

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.

A rise in rates over the last week did not stop the charge of conventional purchase applications, as prospective buyers locked in rate before even more drastic increases.