Weekly mortgage applications flatline, along with interest rates – But volume was 15 percent lower than a year ago, when interest rates were more than 80 basis points lower. Applications to refinance a home loan. not pose too much of a headwind to home purchase.
The refinance share of mortgage activity decreased to 47.8 percent of total applications, its lowest level since August 2017, from 49.4 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) increased to its highest level since March 2017, 4.41 percent.
Acquisition and origination volume totaled $16.6 billion. prior quarter driving a significant increase in refinancing volumes. As a measure of activity, the Mortgage Bankers Association Refinance.
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Following rise in rates, refinance activity slows, at least. – Refinance activity was 49.4 percent of total mortgage applications for the week ending Jan. 20, according to MBA, down from 50.0 percent the previous week. The percentage that week was the lowest since July 2015. MBA’s survey for this data covers more than 75 percent of all U.S. retail residential mortgage applications.
Mortgage Application Activity Slows Down. The refinance index fell by four percent while the refinance share of mortgage activity decreased to 49 percent of total applications from 50.1 percent the previous week. Among the federal program, the FHA share of total applications increased to 10.3 percent from 10 percent the week prior and.
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Mortgage rates were mostly flat this week. a measure of total loan application volume, decreased 4.3 percent. The refinance index fell 4 percent, while the purchase index dropped 5 percent. The.
But when rates are increasing, fewer borrowers find that the available terms are today better than their existing mortgage, so refinance activity slows. For current homeowners, the decision to buy a new home is typically linked to their decision to sell their current home.
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The refinance share of mortgage activity decreased to 73.4 percent of total applications, the lowest since July 2011, from 75.1 percent the previous week. "With the rate increase last week, refinances are obviously slowing, and the refinance share at 73% is down to its lowest level since last July.
The lack of an upward move marked a 10 th consecutive week of flat or weekly declines. which is a measure of mortgage loan application volume, increased by 13.5% in the week ending 11 th January,