Tag Archives: Weekly Mortgage Applications Survey

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.

Freddie Mac reports mortgage rates leveling off as COVID variants have led to weaker employment, a drop-off in spending, and declining consumer confidence.

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.

While still below the 3% range, the window of opportunity for refis remains wide open; however, high asking prices are turning many away from the purchase market despite the record low rates.

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.

After a slight uptick last week, mortgage application volume fell this week, as rates began to rise and fear over rising COIVD cases overshadowed strong jobs reports.

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.

Savings will be passed on to consumers, as lenders will no longer be required to pay the GSEs a fee when they deliver refinanced mortgages.