Mortgage applications rebounded this week as a drop in mortgage rates encouraged a bump in purchases and refinancing. In its weekly applications survey, the Mortgage Bankers Association reported a 3.1% increase in mortgage applications week-over-week. Both purchases and refinances saw upticks, with the refinance index up 5% from the week before and the seasonally adjusted […]
Rate drops offer reprieve for mortgage applications Read More »
Mortgage applications don’t always fail with a formal rejection — many simply stall. A report released last month by Cotality found that homebuyer hesitation often predicts loan fallout, even without an official withdrawal. As a result, the property analytics firm found that 16% of buyers “ghosted” their mortgage applications last year — a trend attributed
Abandoned mortgage apps are on the upswing. Homebuyer confusion could be the culprit Read More »
Homebuyer affordability improved in June, as evidenced by the national median payment for purchase mortgage applicants decreasing to $2,172 — down from $2,211 in May. That’s according to the Mortgage Bankers Association (MBA)’s Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time relative to income, using data from MBA’s
Mortgage application payments decline in June Read More »
Lenders are sweating out the dog days of summer as state rates continue to keep buyers at bay. Total application volume fell 3.8% last week compared to the prior seven days, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. Both purchase and refinance demand stepped back with average 30-year fixed-rate mortgage rates ticking
Cruel summer continues as rates, applications barely budge Read More »
US mortgage applications to buy a home declined last week to the lowest level since late May as borrowing costs remained elevated. The Mortgage Bankers Association’s index of home-purchase applications slumped 11.8% in the week ended July 11, data from the group showed Wednesday. While that marked the biggest drop since 2022, it followed a
Home purchase applications fall after prior week’s surge Read More »
US mortgage applications to purchase a home jumped to the highest level since early 2023 last week, even as borrowing costs barely budged. The Mortgage Bankers Association’s index of home-purchase applications advanced 9.4% in the week ended July 4, according to data out Wednesday. MBA’s measure of refinancing jumped by a similar amount to the
Mortgage applications to buy a home jump to two-year high Read More »
Homeowners who were locked into high interest rates have been eager for them to dip so they can refinance. Last week, many saw their chance and took it. Mortgage applications rose 2.7% for the week ending June 27, according to the Mortgage Bankers Association’s Weekly Applications Survey, driven mostly by refinancing. Refinance applications were up
Refi applications soar as homeowners seize on lower rates Read More »
The potential for mortgage lending fraud accelerated over the past year, with risk related to undisclosed transaction details driving much of the surge, according to Cotality. In its latest report, the real estate data platform found fraud risk was up 7.3% year over year in the first quarter. Risk lessened over time, though, coming in
Mortgage fraud risk jumps 7.3% in one year Read More »
Mortgage rates rose slightly last week, but refinancing demand continued to drive a modest uptick in overall applications, according to the Mortgage Bankers Association. The average rate for a 30-year fixed-rate mortgage ticked up 4 basis points last week to 6.88%, the MBA said. This was a bounce back from the week before when the
Uptick in refinancing leads to higher mortgage applications Read More »
Mortgage applications picked up last week, according to the most recent numbers put out by the Mortgage Bankers Association, offering optimism for a real estate market that has been facing a prolonged period of economic uncertainty. The Mortgage Bankers Association’s weekly Mortgage Composite Index showed applications up a seasonally adjusted 12.5% from the week before,
Mortgage applications rise for first time in a month Read More »