Weekly Mortgage Applications Surge Despite Rising Rates (1/24/24)

Описание: The Mortgage Bankers Association (MBA) reported that mortgage application activity has been on the rise in the first three weeks of the New Year, despite two of those weeks being affected by federal holidays. The Market Composite Index, a gauge of mortgage loan application volume, increased by 3.7 percent on a seasonally adjusted basis during the week ending January 19. However, on an unadjusted basis, the index was down by 4.0 percent from the previous week. The Refinance Index, adjusted for holidays, decreased by 7.0 percent week-over-week and was 8.0 percent lower than the same week last year. The unadjusted index dropped by 16.0 percent for the week and 8.0 percent year-over-year. The share of refinance applications also decreased to 32.7 percent from 37.5 percent the previous week. On the other hand, the seasonally adjusted Purchase Index saw an 8.0 percent increase from the previous week, while the unadjusted Purchase Index increased by 3.0 percent, remaining 18.0 percent below its level during the same week in 2023. Joel Kan, MBA’s Vice President and Deputy Chief Economist, noted that "Mortgage rates increased slightly last week but there continues to be an upward trend in purchase activity." He also mentioned that "Refinance applications declined over the week and remained at low levels. There is still little incentive for homeowners to refinance with rates at these levels." This information provides valuable insights into the current trends in mortgage application activity, with a notable increase in purchase loan component despite a decline in refinance applications.

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