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Volume was 11 percent lower than a year ago, when mortgage rates were 42 basis points lower. The drop in mortgage rates over the past two months has given new life to the refinance market.
June saw a major uptick in applications flanked by a notable drop in rates across the board, according to data compiled by the Mortgage Bankers Association (MBA) in its Weekly Mortgage Application Surveys published throughout the month. After relatively little movement in May, applications spiked the first week of the month, dipping only slightly the following week.
"Mortgage application volume was little changed as mortgage rates remain within the narrow range they have been in the past several months," said Mike Fratantoni, MBA’s chief economist.
Weekly mortgage applications drop 3.2%, hit by tanking stocks and rising rates. Mortgage application volume fell 3.2 percent last week compared with the previous week, according to the Mortgage.
After four straight weeks of declines, mortgage application activity finally gained. USDA applications accounted for 0.6 percent of the total volume as they have for many weeks. Both contract and.
· Mortgage Rates at Lowest Level Since 2017. On June 13, Freddie Mac reported that the average rate for a 30-year fixed mortgage loan was 3.82%. That’s the lowest it has been since September of 2017. Thirty-year mortgage rates were average 4.51% at the beginning of 2019. So they’ve come down considerably since then.
Purchase Volume Takes a Hit, Responding to rising interest rates apr 24 2019, 5:20AM Rising interest rates continued to take a toll on mortgage applications during the week ended April 19.
Mortgage application volume fell 5.6% from one week earlier as rising interest rates put an end to the recent surge in refinancings, according to the Mortgage Bankers Association. The MBA’s Weekly Mortgage Applications Survey for the week ending April 5, found that the refinance index decreased 11% from the previous week.
Mortgage applications volume rose on the same week that global interest rates hiked. In its latest report, Mortgage Bankers Association ‘s Weekly Mortgage Applications Survey reported an overall increase of 1.4 percent in total mortgage applications from the week prior.
Total mortgage application volume fell 2.6 percent last week as rates moved higher. Rising interest rates cause a 2.6% pullback in weekly mortgage applications Home
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