MBA: Mortgage applications decline further as refinances slide

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 · Borrowers are pulling back from refinances and struggling to make home purchases during a historically busy time of year for housing. Mortgage applications drop as refinancing.

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More than 70% of renters fantasize about having their own home, with 66% of them saying that being unable to save for a down payment is the number one reason holding them back, according to a recent Zillow survey. Last week saw a slight decline in mortgage rates, however, it was not enough to improve affordability to an extent.

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In keeping with seasonal cycles, mortgage application volume fell 5.8% on an adjusted basis during the week ended Dec. 14, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey. Applications for refinances fell 2% while applications for purchases plummeted 7% compared with the previous week.

Mortgage rates resumed their decline in the week. According to the MBA, market jitters over global economic growth drove.

The volume of application growth fell 3.1% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 62% higher than the same week a year ago, when interest rates were significantly higher and refinancing activity was extremely low.

Mortgage applications drop for purchase, refinance loans. Mortgage applications fell 2.7% from the previous week as mortgage rates continued to fluctuate, according to data from the Mortgage.

 · ”The drop [in mortgage applications] was led by weak purchase-application activity, as it declined for the fifth straight week to its lowest level since Feb 2018 and was also down more than 3.

The mortgage bankers association (mba) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 5.8% in the group’s seasonally adjusted composite index for the.

 · Weekly mortgage refinances fall further, despite lower interest rates. September 4, 2019 by admin 0 Comments.. but that did not boost mortgage demand. Mortgage application volume decreased 3.1% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 62% higher compared with the same week a year.

The Future of Mortgage Applications Online! The Refinance Index FELL by 2.3% to 1,052. With this decline, refinancing activity is sharply above its 13 week average of 930 but 17.4% BELOW its year ago level. Contract Mortgage Rates FELL with the 30-year fixed rate declining by 4 bps to 4.65% and with the 15-year fixed rate declining by 7 bps to 4.04%.

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