Tag Archives: Joel Kan

After falling back toward the 5%-mark, Freddie Mac reports that mortgage rates rose more than 40-basis points this week, as continued slowdown in economic growth weighs on the housing market.

The MBA reports July purchase mortgage applications for new homes dipped 16.1% year-over-year, as high prices and economic instability continue to force the nation’s home buyers to reconsider their options.

As mortgage rates jumped back well above the 5%-mark last week, the MBA reports overall mortgage app volume falling 2.3% week-over-week, crashing to lows last seen more than two decades ago.

Despite a four-month low reported in mortgage rates, overall application volume rose just 0.2% week-over-week, with a decline in purchase activity offset by an increase in refis.

“Credit availability fell last month to the lowest level since May 2013, as lenders streamlined their loan offerings in this declining volume environment,” said Joel Kan, MBA’s Associate VP of Economic and Industry Forecasting.

The MBA reported mortgage application volume rose 1.2% this week, reversing course after the Fed rate hike announcement, and rising after a month-long decline.

The MBA reports that overall application volume is down yet again, with lingering economic uncertainty and affordability issues keeping prospective buyers on the sidelines.

A recent Quicken survey found that 21% of those polled planned to buy a first or new house in 2022, with 69% of that segment now reconsidering that move.

Rising rates and a dwindling demand for refis has pushed mortgage applications down for a third consecutive week, falling to lows last seen in 2000.

Mortgage application volume fell slightly week-over-week, even as rates fell sharply amid fears of a worsening economic outlook.