Mortgage application volume drops on less purchase activity

Mortgage applications fell almost 9% last week, on an unadjusted basis, compared to the week prior as interest rates jumped to their highest level in a year, the Mortgage Bankers Association (MBA) reported on Wednesday. On a seasonally adjusted basis, the total number of applications decreased 8.8%, according to the MBA’s Weekly Mortgage Applications Survey [.]

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U.S. mortgage applications to buy a home and to refinance one declined. " slightly higher mortgages rates last week led to a decrease in application volume .. The refinance share of mortgage activity decreased to 40.0 percent of total. with conforming loan balances ($484,350 or less) increased to 4.67.

There was more activity on the mortgage. for VA purchase loans. Refinance application volume increased as well, with the index reaching its highest level in a month. Borrowers with larger loans.

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"Despite the less positive outlook, both purchase and refinance applications surged, driven mainly by these lower rates. The refinance index jumped 47 percent to its highest level since 2016." Added Kan, "With the 30-year fixed-rate mortgage at its lowest level since September 2017, purchase activity was more than 10 percent higher than a year ago.

Mortgage applications rise 1.6% as interest rates drop to lowest level since September On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume. The refinance share of mortgage activity fell to 37.9% of applications, down from 38.8% last week..

 · MBA Vice President of Economic and Industry Forecasting Joel Kan explained that purchase activity picked up last week, led by a 5.5% increase in FHA loan.

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Mortgage application volume surged 18.6 percent from the previous. “There was a tremendous surge in overall applications activity, as mortgage rates. applications for smaller purchase loan sizes exceeded that of higher.

By Nat Criss – February, 25th 2013. The first few weeks of the new year brought a strong surge of mortgage application activity, but it seems the initial momentum has faded some, as recent reports show mortgage application volume fell toward the end of January.

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