Mortgage Numbers Increase Last Week
According to data from the Mortgage Bankers Association mortgage application volume increased 4.2% in the week ending June 17th. Refinance volume specifically fell 3% during the same period making the year-over-year refinance application volume 77% lower than the same week ago last year. Refinance application volume made up only 29.7% of total applications last week. The FHA share of total application volume increased to 12% from 11.8% the prior week. The VA share of total application volume decreased to 10.7% from 11.7% the prior...First-Time Buyers Becoming Timid About Homebuying
Fannie Mae’s Home Purchase Sentiment Index tracks the housing market and consumer confidence to either buy or sell a home. In April, this index reached 68.5 marking the lowest level in the index since May 2020. The index is made up of six components including whether or not consumers believe it’s a good time to buy or sell and whether or not mortgage rates will rise or fall. According to the survey 76% of consumers think it’s a bad time to buy a home. The largest portion of survey responders that answered this way were between the ages of 18 to 34, showing that an increase in interest rates is concerning to many first-time homebuyers. Also included in the survey are questions about a consumer’s employment and income outlook. 84% of consumers believed they had nothing to worry about in regard to losing their jobs, but only 26% of consumers were making more money than this time last...New Mortgage Volume Slips 1.2%
According to a report from the Mortgage Bankers Association, new mortgage application volume fell 1.2% for the week ending May 20th. Refinances made up 32.3% of total application volume, marking a 0.7% decrease from the previous week. As interest rates start to steady, it will be interesting to see the effect on new mortgage demand. The FHA share of new mortgage applications increased to 11.3% this week. The VA share of new mortgage applications fell to 10.4% this...Year-Over-Year Mortgage Applications are Down 55%
The week ending May 13th saw new mortgage application volume fall 11% according to a report from the Mortgage Bankers Assocation. Comparing new mortgage applications to this time last year, the total volume is down 55.8%, led by a 75.8% decrease year-over-year in refinance mortgage applications. Rates being much higher than this time last year has caused current homeowners who missed out on refinancing lain 2021 to be on the sideline right now. Purchase application volume is only down 15.2% from this time last year as many homebuyers are seeing the affordability of owning a home versus renting in today’s market even with higher interest rates. The FHA share of total application volume increased from 10.5% to 11.1% last week. The VA share of total application volume remained constant at 10.5% last week....Application Numbers Lifted Last Week
In the week ending April 29th, mortgage application volume rose by 2.5% led largely by the 4.1% increase in purchase applications. The report by the Mortgage Bankers Association points to an increase in application volume across the board after a slow start to the spring season. Comparing this week’s numbers to last year, volume is down 49.7%, which comes mainly from the drop in refinance volume (falling 70.7%). The FHA share of total mortgage application volume increased from 10.6% to 11.1% last week. The VA share of total mortgage application volume increased from 10.2% to 10.3% last...Connect With Us
