Mortgage Application Volume Up Slightly, Despite Higher Rates

The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 7.4 percent on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, the Index was up 9 percent. The Refinance Index rose 9 percent from the previous week and was 76 percent lower than the same week in 2022.  The refinance share of mortgage activity increased to 28.9 percent of total applications from 28.7 percent. [refiappschart] The Purchase Index was 7 percent higher than the prior week on a seasonally adjusted basis and up 9 percent before adjustment. Purchase volume has declined 42 percent on an annual basis. [purchaseappschart] “Mortgage rates continued to increase last week. The 30-year fixed rate rose to 6.79 percent – the highest level since November 2022 and 270 basis points higher than a year ago,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Even with higher rates, there was an uptick in applications last week, but this was in comparison to two weeks of declines to very low levels, including a holiday week. Comparing the application indices from a year ago, purchase applications were still down 42 percent, and refinance activity was down 76 percent . Many borrowers are waiting on the sidelines for rates to come back down.” Other Highlights from MBA’s Weekly Mortgage Applications Survey
http://dlvr.it/SkYjBn

Comments

Post a Comment

Popular posts from this blog

#ForBuyers #ForSellers #Pricing #HousingMarketUpdates Home Prices Still Growing – Just at a More Normal Pace: If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. http://dlvr.it/Sz993K

Image
#ForBuyers #ForSellers #Pricing #HousingMarketUpdates Home Prices Still Growing – Just at a More Normal Pace: If you’re feeling a bit muddy on what’s happening with home prices, that’s no surprise. http://dlvr.it/Sz993K /> http://dlvr.it/Sz99Dp
Read more

Will a Silver Tsunami Change the 2024 Housing Market? Have you ever heard the term “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't drastically impact the housing market. What Does Silver Tsunami Mean? A recent article from HousingWire calls it: “. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .” The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more. The concept makes sense in theory, but will it happen? And if so, when? Why It Won’t Have a Huge Impact on the Housing Market in 2024 Experts say, so far, a silver tsunami hasn’t happened – and it probably won't anytime soon. According to that same article from HousingWire: “. . . the silver tsunami’s transformative potential for the U.S. housing market has not yet materialized in any meaningful way, and few expect it to anytime soon.” Clearly, not every baby boomer is planning to sell or move – and even those who do won’t do it all at once. Instead, it will be more gradual, happening slowly over time. If you’re worried about a Silver Tsunami shaking up the housing market, don’t be. Any impact from baby boomers moving will be gradual over many years. Fleming sums it up best: “Demographic trends, they don't tsunami. They trickle.” #realestate #homeownership #homebuying www.DanFreshley.com

Image
Will a Silver Tsunami Change the 2024 Housing Market? Have you ever heard the term “Silver Tsunami” and wondered what it's all about? If so, that might be because there’s been lot of talk about it online recently. Let's dive into what it is and why it won't drastically impact the housing market. What Does Silver Tsunami Mean? A recent article from HousingWire calls it: “. . . a colloquialism referring to aging Americans changing their housing arrangements to accommodate aging . . .” The thought is that as baby boomers grow older, a significant number will start downsizing their homes. Considering how large that generation is, if these moves happened in a big wave, it would affect the housing market by causing a significant uptick in the number of larger homes for sale. That influx of homes coming onto the market would impact the balance of supply and demand and more. The concept makes sense in theory, but will it happen? And if so, when? Why It Won’t Have a Huge
Read more