Tag Archives: Weekly Mortgage Applications Survey

The MBA reports that American homeowners continue to struggle to make ends meet, with the national median mortgage payment hitting $2,165 in May 2023, up $268 from one year ago, or an increase of 14.1% year-over-year.

The MBA reports that new home sales have been driving purchase activity in recent months, as buyers continue to seek options beyond the existing-home market.

While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.

Despite a rise in overall mortgage apps week-over-week, the MBA reports that mortgage rates are a percentage point higher than a year ago, and when combined with low for-sale inventory, is constraining home buying activity in many markets.

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.

With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.

Freddie Mac reports that, after retreating for two consecutive weeks, the 30-year fixed-rate mortgage edged back upward this week, nearing the 6.40%-mark, and forcing app volume downward.

As interest rates remain high, a new study from Zillow has found that 15% more borrowers purchased mortgage points in 2022 than 2021, and continue to do so as interest rates hover around 6%.

After a five-week string of declining rates, mortgage rates rose modestly for the second consecutive week, on the eve of the GSE’s enacting changes to loan-level price adjustments geared toward tackling housing affordability challenges nationwide.

Even as mortgage rates edge closer to the 6% mark, homebuyers nationwide are faced with the prospect of low inventory, with new listings having fallen 21.8% year-over-year nationwide.