Tagged: Mortgage Applications

Both purchase and refi applications spike as mortgage rates fell in second week of 2023.

After falling 13% at years end, applications rise 1.2% in first week of 2023.

MBA’s survey for the week ending Dec. 30 found applications, seasonally adjusted, fell 13.2% from two weeks earlier.

The 0.9% overall increase was led by refinancing mortgages as mortgage rates fell.

Mortgage-purchase applications and Redfin’s Homebuyer Demand Index are both up by double digits since bottoming out earlier this fall.

Both the purchase and refinance indexes rose last week despite a small increase in mortgage rates.

The latest survey showed mortgage applications decreased 1.9% from last week.

Third straight weekly decline in rates not enough to improve refi activity.

A 4% jump in purchase applications led the 1st increase in 8 weeks.

MBA says Refinance Index is down 87%, Purchase Index is down 41% from last year.