Mortgage application activity was mixed this week with overall purchase applications declining from last week, but a slight uptick in FHA loan applications and refinance applications still up significantly over last year indicates borrowers continue to look for ways to make homeownership more affordable. The Mortgage Bankers Association (MBA) reports that the market composite index—the…
Mortgage rate watchers point out that so far this year rates have fallen 87 basis points from their mid-January peak, a welcome event for homebuyers that have been waiting on the sidelines and homeowners who have been considering refinancing. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average…
After four weeks of consecutive drops in activity, mortgage applications break the streak with gains for refinance and purchase applications. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan activity volume—increased 7.1% on a seasonally adjusted basis for the week ending Oct. 24. The index increased at nearly the…
With mortgage rates continuing to decline–to their lowest point in over a year this week–refinance activity enters its sixth week at a high pace. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) slid another eight basis points this week to 6.19% from last…
The dry spell for mortgage applications is showing signs of recovery as consecutive weeks of decreasing activity slows significantly. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan activity volume—decreased 0.3% on a seasonally adjusted basis for the week ending Oct. 17. For the week prior to this, the…
Continuing a pattern of small movements expected as the government shutdown continues, rate saw only a slight downward trend this week. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday, the average 30-year fixed-rate mortgage (FRM) slid three basis points to 6.27% from last week’s average of 6.30%. “Mortgage rates…
The government shutdown reaches its 15th day, leaving the housing market scarce as new pending sales pull back and buyer traffic slows down. With an unclear future for when the shutdown will end, mortgage applications decrease for the third consecutive week. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage…
Mortgage rates moved within expected patterns this week, edging down only slightly as the government shutdown reaches its ninth day. Last week, economists said rates were expected to remain within a tight range during the shutdown unless other unexpected developments emerge. According to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday,…
As the government shutdown limits activity in many markets, mortgage applications continue to drop for the second consecutive week, aligning with projections stating that October would see less demand and less competition between homebuyers. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan application volume—decreased 4.7% on a seasonally…
| Newer Posts |