Mortgage Refinancing Hits 18-Year Low – NMP Skip to main content

Mortgage Refinancing Hits 18-Year Low

Aug 08, 2018
The national median existing single-family home price in the third quarter was $266,900, up 4.8 percent from $254,7000 in the third quarter of 2017, according to new data from the National Association of Realtors (NAR)

Refinancing activity plummeted to an 18-year low, according to Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Aug. 3.
 
The Market Composite Index decreased by three percent on both a seasonally adjusted and unadjusted basis from one week earlier—the seasonally adjusted index reached its lowest level since January 2016. Both the seasonally adjusted and unadjusted Purchase Index decreased two percent from one week earlier, with the latter being two percent lower than the same week one year ago.
 
But the dramatic numbers were on the refi side of the business: The refinance share of mortgage activity decreased to 36.6 percent of total applications from 37.1 percent the previous week and the Refinance Index fell by five percent from the previous week to plumb its lowest level since December 2000.
 
Among the federal programs, the FHA share of total applications remained unchanged at 10.4 percent from the week prior while the VA share of total applications increased to 10.6 percent from 10.5 percent and the USDA share of total applications remained unchanged at 0.8 percent.

 
About the author
Published
Aug 08, 2018
Strong Jobs Report Threatens Mortgage Rate Rally

October hiring more than doubled expectations, pushing Treasury yields higher

Nov 06, 2026
Fed Holds Rates, But Pricing Pressures Persist

Rising Treasury yields and fresh inflation data complicate rate locks, borrower qualification, and lender margins as markets anticipate another hike in December

Oct 29, 2026
Zippy Adds Capital For Manufactured-Home Lending Push

The $20 million investment from Saluda Grade will support expansion beyond 27 states and new loan products across wholesale, retail, and community channels

Oct 16, 2026
Inflation Hits 3.7%, Putting Mortgage Rate Relief At Risk

September’s inflation pickup puts recent rate improvements at risk, potentially eroding affordability gains from lower home prices and seller concessions

Oct 14, 2026
PLACE Acquires Ardley, Expanding Push To Turn Existing Borrowers Into New Loans

The latest deal connects borrower retention technology with Maxwell's origination platform and PLACE's real estate network, creating new opportunities for lenders

Oct 09, 2026
Equifax, TransUnion Launch New Tools To Cut Credit Report Costs

Both bureaus introduce ways to purchase credit scores separately from reports, while Equifax reports growing VantageScore adoption and extends $1 pricing through 2028

Oct 09, 2026