Tag Archives: Mortgage application volume

Overall mortgage application volume fell 5.7% week-over-week, with homebuyers again retreating to the sidelines as a spike in mortgage rates hampered affordability.

As existing-home sales fall for the 12th consecutive month, Freddie Mac reports that the rise in rates to 6.50% has exacerbated affordability issues for homebuyers nationwide.

A four-month high in mortgage rates has led to a steady decline in overall mortgage application volume, as the MBA reports purchase applications falling to levels last seen in 1995.

The MBA reports that, despite rates still in the 6% range, refinance apps increased 5% over the previous week—but are still 86% lower year-over-year.

Freddie Mac reports the fixed-rate mortgage sliding for the sixth straight week, with the downward trend in rates resulting in a rise in refis, offsetting a week-over-week decrease in purchase activity.

This latest action by the Federal Reserve to raise rates is intended to remove money from the economy, reduce demand, and drive prices lower as inflation nears a 40-year high.

Riding the hopes that the Federal Reserve will slow its pace of rate hikes, Freddie Mac reported that the 30-year, fixed-rate mortgage fell yet again, as house prices soften with 2022 coming to a close.

After two weeks of increases in overall mortgage application volume, a holiday-shortened week found volume slipping slightly, despite the 30-year fixed mortgage rate dropping to 6.49%.

NAR reports that month-over-month, contract signings fell in three of four major U.S. regions, with only the Midwest showing signs of improvement.

With news that inflation may have peaked, Freddie Mac reports that the fixed-rate mortgage fell below the 7% mark, leading to a slight rise in overall mortgage app volume for the week.