MBA: 'All Loan Types Hit Highest Levels In Two Weeks' – NMP Skip to main content

MBA: 'All Loan Types Hit Highest Levels In Two Weeks'

Navi Persaud
May 20, 2021
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 for the week ending May 14, 2021, reported a 1.2% increase in mortgage applications from the previous week. The report also highlighted that all loan types have hit their highest levels in two weeks.

The Refinance Index increased 4% from the previous week and was just 2% lower than the same week in 2021. The seasonally adjusted Purchase Index decreased 4% this week but was 2% higher year-over-year.

"Mortgage rates increased last week, with all loan types hitting their highest levels in two weeks. Rates were still lower than levels reported in late March and early April, providing additional opportunity for borrowers to refinance. Despite the 30-year fixed rate rising to 3.15%, applications for conventional and VA refinances increased. Ongoing volatility in refinance applications is likely if rates continue to oscillate around current levels," said Joel Kan, MBA's associate vice president of Economic and Industry Forecasting. "A decline in purchase applications was seen for both conventional and government loans. There continues to be strong demand for buying a home, but persistent supply shortages are constraining purchase activity, and building material shortages and higher costs are making it more difficult to increase supply. As a result, home prices and average purchase loan balances continue to rise, with the average purchase application reaching $411,400 - the highest since February."

Additionally, the refinance share of mortgage activity increased from 61.3% to 63.3% of total applications and the adjustable-rate mortgage share of activity increased to 3.9% of total applications. The FHA share of total applications decreased to 9.2%, the VA share increased slightly to 12% and the USDA share of total applications decreased slightly to 0.4%.

Click here to read more from the MBA's WMAS.

Published
May 20, 2021
Redfin 2Q Revenues Up, Profits Down

Company officials said that in the third quarter they expect total revenue between $590 million and $627 million.

Industry News
Aug 05, 2022
Mutual of Omaha Mortgage Announces Wholesale Division

Loans available through its own platform and in partnership with ReadyPrice, LenderPrice, and Loansifter.

Industry News
Aug 05, 2022
MISMO Seeks Public Comment On 3 eMortgage Resources

Updates proposed to MISMO Business Glossary, eMortgage Glossary, and eModification Reference Flyer.

Regulation and Compliance
Aug 05, 2022
Deal With Opendoor Allows Zillow Back Into iBuying Business

As it releases rough 2Q earnings report, Zillow announces partnership with former rival.

Tech
Aug 04, 2022
Rocket Companies' Earnings Plunge 94% In 2Q

Mortgage originations fell 59% year over year, while rate lock volume fell 65%.

Industry News
Aug 04, 2022
Remembering Steven Schnall, Quontic Bank CEO

Schnall died in a motorcycle accident while on his way back from a biking trip to Canada. 

Industry News
Aug 04, 2022