The Mortgage Bankers Association's Weekly Applications Survey
tracks changes in average mortgage rates and mortgage loan application volume.
According to the most recent release, mortgage rates increased slightly on
30-year fixed-rate mortgages with conforming loan balances and on 15-year
fixed-rate loans last week. Loans with jumbo balances and those backed by the
Federal Housing Administration were unchanged from the previous week. Despite
the uptick in average interest rates, demand for loans to buy homes was up from
the week before, rising 3 percent. But, due to a 6 percent drop in refinance
volume, the Market Composite Index – which measures total mortgage loan
application volume – fell 2.6 percent. Several weeks of declining mortgage
rates caused refinance activity to pick up recently. However, with interest
rates up the past two weeks, refinance demand has fallen and led to consecutive
weeks of declining application volume. The MBA's weekly survey has been
conducted since 1990 and covers 75 percent of all retail residential mortgage
applications. More here.
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