Mortgage Applications Decline, Refi Volume Hits 22-Year Low

Average mortgage interest rates increased significantly during the week ended September 23. As a result, the Mortgage Bankers Association (MBA) said the volume of mortgage applications gave back most of its prior week gains when it had increased for the first time in six weeks. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier and was 4 percent lower on an unadjusted basis. The Refinance Index dropped back by 11 percent week-over-week and was 84 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 30.2 percent from 32.5 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 0.4 percent from one week earlier and was 1 percent lower before adjustment. Applications were down 29 percent compared to the same week in 2021. [purchaseappschart] “Applications for both purchase and refinances declined last week as mortgage rates continued to increase to multi-year highs following more aggressive policy measures from the Federal Reserve to bring down inflation,” Joel Kan said. “Additionally, ongoing uncertainty about the impact of the Fed’s reduction of its MBS and Treasury holdings is adding to the volatility in mortgage rates. The 30-year fixed rate was 6.52 percent, its highest level since mid-2008. After a brief pause in July, mortgage rates have increased more than a percentage point over the past six weeks .”

September 28, 2022 Download our Mobile App: Download our Mobile App: Housing News Mortgage Applications Decline, Refi Volume Hits 22-Year Low Average mortgage interest rates increased significantly during the week ended September 23. As a result, the Mortgage Bankers Association (MBA) said the volume of mortgage applications gave back most of its prior week gains when it had increased for ... (read more) MBS Commentary Is Wednesday's Rally Enough to Turn The Tide? Is Wednesday's Rally Enough to Turn The Tide? 10yr yields began the day with overnight levels easily over 4.00%. It wasn't until the 6am emergency bond buying announcement from the Bank of England (BOE)... (read more) Mortgage Rate Watch Huge Reversal For Mortgage Rates. No Promises of Sustainability If you're just getting caught up, mortgage rates broke above 7% yesterday for the first time since 2002. Read our coverage to learn more about why rate quotes are all over the board: Yes, Mortgage Rates Are Now Over 7%, But It's Complicated. T... (read more) Rob Chrisman Fee Collection, HELOC, Automation, All-cash Products; Training, In-person Events, and Webinars As Florida’s homeowners, insurance companies, and companies that service loans in Hurricane Ian’s path, brace for the storm, lenders nationwide continue to grapple with a very, very difficult environment. Everyone wants a decent HELOC. Servicing sale... (read more) Mortgage Rates Huge Reversal For Mortgage Rates. No Promises of Sustainability 30 Yr. Fixed Rate 6.65% -0.43% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.65% -0.43 0.00 15 Yr. Fixed 6.03% -0.30 0.00 30 Yr. FHA 6.25% -0.75 0.00 30 Yr. Jumbo 5.85% -0.20 0.00 5/1 ARM 6.12% 0.00 0.00 30 Yr. VA 6.28% -0.72 0.00 Updates Daily - Last Update: 9/28 15 Yr. Fixed Rate 6.03% -0.30% Rate Change Points Freddie Mac 30 Yr. Fixed 6.29% +0.27 0.90 15 Yr. Fixed 5.44% +0.23 1.00 5/1 Yr. ARM 4.97% +0.04 0.40 Updates Weekly - Last Update: 9/22 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.25% +0.24 0.71 15 Yr. Fixed 5.40% +0.10 1.06 30 Yr. Jumbo 5.79% +0.23 0.46 Updates Weekly - Last Update: 9/21 MBS / Treasuries Is Wednesday's Rally Enough to Turn The Tide? UMBS 30YR 5.0 98.08 +0.89 Price / Yield Change MBS UMBS 5.0 98.08 +0.89 UMBS 5.5 100.06 +0.86 GNMA 5.0 98.41 +0.81 GNMA 5.5 100.41 +0.86 Pricing as of: 9/28 6:56PM EST 10 Year US Treasury 3.7372 -0.2120 Price / Yield Change US Treasury 2 YR Treasury 4.127 -0.160 5 YR Treasury 3.951 -0.244 7 YR Treasury 3.883 -0.240 10 YR Treasury 3.737 -0.212 30 YR Treasury 3.697 -0.129 Pricing as of: 9/28 6:56PM EST Latest Video Haefele: The Fed hikes are starting to bite, and you could see rates level ... The Fed is willing to live with overtightening, says fmr. Fed Vice Chair Ri... Pending home sales declined for the third consecutive month in August Florida property insurance market grapples with increasing weather severity Around the Web Reuters Bank of England seeks to stem bond market turmoil after tax cut storm Eye on Housing New Homes Built with Private Wells and Individual Septic Systems in 2021 Wall Street Journal Lumber Prices Fall Back to Pre-Covid Levels CNBC Feds Evans says hes getting a little nervous about going too far, too fast with rate hikes CNBC Home prices cooled in July at the fastest rate in the history of S&P Case-Shiller Index Calculated Risk Blog NAR: Pending Home Sales Decreased 2.0% in August Calculated Risk Blog MBA: Mortgage Applications Decrease in Latest Weekly Survey Calculated Risk Blog New Home Sales Increase to 685,000 Annual Rate in August CNBC Ken Griffin says Fed has not done enough, must continue on its path to reset inflation expectations Calculated Risk Blog Pace of Rent Increases Continues to Slow CNBC 3 charts show the UK's market meltdown Wall Street Journal U.K. Market Woes Threaten Economic and Political Crisis CNBC Treasuries stumble as markets digest Fed economic commentary and stocks slip

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