Tag Archives: Refinance Index

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

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.

With rates on the rise, a slight uptick in purchase apps compensated for a slide in refinance apps, which hit lows last seen in January 2020.

With mortgage rates hitting near 18-month highs, a new report found a 6.3% slide in both purchase and refi apps week-over-week.

As mortgage rates edge above the 3% mark, borrower incentive to refinance is waning.

Mortgage application volume rose slightly over last week, driven by a five-month high in purchase volume hot lows last seen in July.

Purchase apps have slid week-over-week, while the demand for refis has leveled off, as August saw a boost in the supply of homes nationwide.

Rates below the 3% mark continue to feed the refi frenzy, as increases were found in both purchase apps and refinances over the previous week.

Even with rates still below the 3% mark, purchase applications slid week-over-week, as affordability issues continue to factor into homebuyers’ decision-making process.

After a down week, mortgage application volume is on the rise, with sub-3% rates powering refi volume as more and more are taking advantage of record-low rates.