Magical Trade
Monday, May 29, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

MBA: Mortgage Applications Decrease in Latest Weekly Survey

by
December 1, 2021
in Trade News
0
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

TSMC or Samsung? One chipmaker is the better play on A.I., geopolitics and earnings, analyst says

Spain’s conservative PP elbows Socialists out in regional elections

by Calculated Risk on 12/01/2021 07:00:00 AM

From the MBA: Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 7.2 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending November 26, 2021. This week’s results include an adjustment
for the Thanksgiving holiday.

… The Refinance Index decreased 15 percent from the previous
week and was 41 percent lower than the same week one year ago. The seasonally adjusted Purchase
Index increased 5 percent from one week earlier. The unadjusted Purchase Index decreased 30 percent
compared with the previous week and was 8 percent lower than the same week one year ago.

“Mortgage rates rose for the third week in a row, reducing the refinance incentive for many borrowers.
The 30-year fixed rate hit 3.31 percent – the highest since this April – and led to refinance applications
falling more than 14 percent. Over the past three weeks, rates are up 15 basis points and refinance
activity has declined over 18 percent,” said Joel Kan, MBA’s Associate Vice President of Economic and
Industry Forecasting. “Despite higher mortgage rates, purchase applications had a strong week, mostly
driven by a 6 percent increase in conventional loan applications. Conventional loans tend to be larger
than government loans, and this was evident in the average loan amount, which increased to $414,700 –
the highest since February 2021. As home-price appreciation continues at a double-digit pace, buyers of
newer, pricier homes continue to dominate purchase activity, while the share of first-time buyer activity
remains depressed.”

…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($548,250 or less) increased to 3.31 percent from 3.24 percent, with points increasing to 0.43 from 0.36
(including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added

Click on graph for larger image.

The first graph shows the refinance index since 1990.

With relatively low rates, the index remains slightly elevated, but down sharply from last year – and at the lowest level since January 2020.

The second graph shows the MBA mortgage purchase index


According to the MBA, purchase activity is down 8% year-over-year unadjusted.

Note: Red is a four-week average (blue is weekly).
ShareTweetPin

Related Posts

TSMC or Samsung? One chipmaker is the better play on A.I., geopolitics and earnings, analyst says

by
May 29, 2023
0

The Taiwan Semiconductor Manufacturing Company (TSMC) and Samsung Electronics have emerged as two key players in the increasingly competitive landscape...

Spain’s conservative PP elbows Socialists out in regional elections

by
May 29, 2023
0

The president of the People's Party of Mallorca and candidate to the Consell, Lloren? Galmes, during the monitoring of the...

Iran exchanges heavy gunfire with Taliban on Afghan border, escalating tensions over water rights

by
May 29, 2023
0

In this photo taken on February 18, 2022 a Taliban flag (L) and an Iranian flag wave at the zero...

‘It’s not a bubble yet’: Wharton’s Jeremy Siegel predicts Big Tech boom fueled by A.I.

by
May 29, 2023
0

Wharton professor and renowned economist Jeremy Siegel is bullish on a Big Tech boom fueled by artificial intelligence despite concerns...

Traders turn optimistic on debt ceiling deal — and one strategist says it’s a ‘market opportunity’

by
May 29, 2023
0

WASHINGTON, DC - MAY 26: U.S. Speaker of the House Rep. Kevin McCarthy (R-CA) speaks to members of the media...

Next Post

Fidelity just made an oopsie on the worst possible stock

Mortgage refinance demand plunged 15% last week, but could now reverse

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Josh Brown says Nvidia’s potential is ‘scary’ ahead of a potential AI boom

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net