According to the Mortgage Bankers Association’s latest Weekly Mortgage Applications Survey for the week ending June 24, 2022, U.S. mortgage applications increased 0.7 percent from one week earlier. This week’s results include an adjustment for the observance of the Juneteenth holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 0.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 20 percent compared with the previous week. The Refinance Index increased 2 percent from the previous week and was 80 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 0.1 percent from one week earlier. The unadjusted Purchase Index decreased 21 percent compared with the previous week and was 24 percent lower than the same week one year ago.
“Mortgage rates continue to experience large swings. After increasing 65 basis points during the past three weeks, the 30-year fixed rate declined 14 basis points last week to 5.84 percent. Rates are still significantly higher than they were a year ago, when the 30-year fixed rate was at 3.2 percent,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “The decline in mortgage rates led to a slight increase in refinancing, driven by an uptick in conventional loans.
Added Kan, “Overall purchase activity has weakened in recent months due to the quick jump in mortgage rates, high home prices, and growing economic uncertainty. Purchase applications were essentially flat last week but were supported by a 6 percent increase in government loans. The average purchase loan amount declined to $413,500, which is an ongoing downward trend since it hit a record $460,000 in March 2022.”
The refinance share of mortgage activity increased to 30.3 percent of total applications from 29.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 10.1 percent of total applications. The FHA share of total applications remained unchanged at 12.0 percent from the week prior.
Source: The world property journal
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