New Survey Shows Another Decrease in Mortgage Applications

Bob Vaughan

According to a survey from the Mortgage Bankers Assocation, new mortgage application volume decreased 3.7% during the week ending August 26th. Refinance volume was 8% lower this week than last week and 83% lower than this time last year. Mortgage rates were on the rise once again, pulling back interest in both purchase loans and refinances. Applications for refinances made up only 30.3% of total applications.

 

  • The FHA share of mortgage application volume increased to 13% from 12.5% last week.
  • The VA share of mortgage application volume decreased to 11.1% from 11.6% last week.

Buyers Are Taking Their Time

Bob Vaughan

In today’s real estate market, buyers are deciding to take their time and be more picky in their home purchasing plans. The market still points to being a seller’s market, but the higher interest rate environment is causing homes that would previously be affordable to exit some buyer’s price ranges. This is resulting in fewer home sales across the board. Homes for sale in June of this year received an average of 3.4 offers compared to 4.4 offers last year. The decrease in competition for available homes has allowed buyers to take their time and be patient if they like a home but believe it’s overpriced. Homes in today’s market need to be appropriately priced in order to ensure buyers stay interested even if they’re waiting for a price reduction. With buyers having more time to wait and do their research before putting in offers it’s also important that listing agents make sure to have the home ready to show at all times. The days of putting a listing on the market on Friday and accepting final and best offers by Sunday may be behind us for now.

YOY Home Price Growth Up 14%

Bob Vaughan

According to the S&P CoreLogic Case Shiller Index, home prices grew 14% year-over-year. Even though the monthly growth rate may be slowing, home price growth is still happening. It is estimated that there is now 10.9 months of inventory based on the last existing home sales report. The National Association of Realtors is reporting that 82% of active listings are still being sold within a month of being listed. This is a much higher percentage than what we saw pre-COVID-19, but homes are lasting longer than the beginning of 2022.

New Survey Numbers Show Mortgage Applications Decreasing Again

Bob Vaughan

According to a report from the Mortgage Bankers Association, new mortgage applications dropped once again this week marking the second week in a row. The 1.2% decrease was a 21% drop from last year. Specifically refinances dropped 3% from last week and was 83% lower year-over-year. Refinances made up 31.1% of total applications last week.

 

The FHA share of total application volume increased from 12% to 12.5% this past week.

The VA share of total application volume increased from 11.2% to 11.6% this past week.

Mortgage Applications on the Downturn Once Again

Bob Vaughan

According to data from the Mortgage Bankers Association’s weekly survey, mortgage application volume decreased 2.3% the week ending August 12th. The current rate at which people are applying for mortgages is at the lowest level since 2000. Refinances specifically decreased 5% from the previous week and totaled 82% lower year-over-year. Refinances still made up about 31.2% of total application volume during this last period.

 

  • The FHA share of mortgage applications decreased from 12.1% to 12% this past week.
  • The VA share of mortgage applications increased from 10.9% to 11.2% this past week.

United States House Passes Bill for Online Notarizations

Bob Vaughan

Late last week the United States House of Representatives passed a bill creating new federal standards allowing notaries across the county to perform remote online notarizations. The goal of this bill, formally called the “Securing and Enabling Commerce Using Remote and Electronic” or SECURE Notarization Act of 2021, is to move the housing industry closer to fully electronic mortgages. Legislature in 41 states had already existed similar to this bill prior to last week’s vote and now the SECURE Notarization Act will strengthen the use of electronic notarizations on a federal level. The bill specifically requires United States courts and states to recognize these notarizations that affect interstate commerce even in some situations where the individual is located outside the United States, subject to certain requirements. Continuing to modernize the real estate industry as a whole through technological advances will allow professionals in all states to have an easier time closing deals.

Mortgage Applications Decrease for the Fourth Straight Week

Bob Vaughan

According to data from the Mortgage Bankers Association’s weekly survey, mortgage application volume decreased 1.8% in the week ending July 22nd. This marks the fourth straight week less mortgage applications have been submitted. Refinance applications specifically have decreased 4% from the previous week and were 83% lower than this same time last year. Mortgage rates have begun to stabilize after the volatility of the last few months but increased economic uncertainty has caused some potential buyers to drag their feet.

 

  • The FHA share of mortgage application volume decreased from 12.4% to 12.1% this past week.
  • The VA share of mortgage application volume remained at 10.6% this past week.

New Mortgage Interest Drops According to New Survey

Bob Vaughan

According to the most recent survey from the Mortgage Bankers Assocation, new mortgage application numbers have decreased 6.3% for the week ending July 15th. This marks the third week in a row that new mortgage applications have dropped. The demand for refinances specifically has reached a 22-year low making up only 31.4% of total applications.

 

  • The FHA share of total application volume increased from 11.7% to 12.4% this past week.
  • The VA share of total application volume decreased from 11.2% to 10.6% this past week.

New Application Numbers Dip Once Again

Bob Vaughan

According to a report from the Mortgage Bankers Assocation new mortgage applications decreased 1.7% for the week ending July 8th. Refinance application volume increased 2% during the same period and was 80% lower than this same time a year ago. Refinances made up 30.8% of total application volume during this period.

 

  • The FHA share of mortgage application volume decreased from 12% to 11.7% this period.
  • The VA share of mortgage application volume increased from 11.1% to 11.2% this period.

Mortgage Applications Decrease

Bob Vaughan

According to a report from the Mortgage Bankers Association, new mortgage applications decreased 5.4% from the prior week for the period ending July 1st. When you look at new mortgage application volume year-over-year there was a total decrease of about 78%. Refinance application volume specifically dropped 8% from the previous week and made up 29.6% of total new applications.

 

  • The FHA share of mortgage application volume remained at 12% this week.
  • The VA share of mortage application volume decreased from 11.2% to 11.1% this week.