Skip to main content

Mortgage Applications Jump 6.8%

Navi Persaud
Sep 23, 2020
the Federal Housing Finance Agency (FHFA) reported home prices in November were up 0.4 percent from October and up 5.8 percent from one year earlier

The Mortgage Bankers Association's Weekly Mortgage Application Survey reported a 6.8% increase for the week ending Sept. 18, 2020. On an unadjusted basis, the Market Composite Index increased by 18% compared to the previous week. The refinance index increased by 9% and was 86% higher than the same week one year ago and the seasonally adjusted purchase index increased 3%.

"Mortgage applications activity remained strong last week, even as the 30-year fixed-rate mortgage and 15-year fixed-rate mortgage increased to their highest levels since late August. Purchase applications were up over 25% from a year ago, and the demand for higher-balance loans pushed the average purchase loan size to another record high. The strong interest in homebuying observed this summer has carried over to the fall," said Joel Kan, MBA's associate vice president of Economic and Industry Forecasting. "Despite the uptick in rates, refinance applications increased around 9% and were almost 86% higher than last year. Both conventional and government refinance activity, and in particular FHA refinances, picked up last week."

The refinance share of mortgage activity increased to 64.3% from 62.8% the previous week, the adjustable-rate mortgage share decreased to 2.2%, the FHA share increased to 10.1% from 9.7%, the VA share decreased to 12% from 12.3% and the USDA share increased to 0.6% from 0.5%.

Sep 23, 2020
Guild Mortgage Acquires Cherry Creek Mortgage

Terms of purchase not disclosed; reverse mortgage volume added to Guild.

Mar 14, 2023
Vigilance, Dedication, And Commitment Forge Legends

Submit a nomination for Mortgage Banker Magazine’s Legends of Lending.

Mar 10, 2023
FTC Moves To Block Black Knight, ICE Merger

Says it 'would drive up costs, reduce innovation, and reduce lenders’ choices.'

Mar 09, 2023
Rocket Arms Brokers With Bully Shield Vs. UWM

Rocket covers penalties and court fees for brokers who want to get out of United Wholesale Mortgage’s ultimatum contract. 

Feb 06, 2023
Top Texas Originator Sees No Surrender To 2023

Big cities will determine the battle

Jan 26, 2023
There’s Good & Bad News On The Horizon

There will be a real estate slump, but the big cities are coming out much better

Jan 26, 2023