Rising rates stifle mortgage application volume

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 · Home sales started slipping toward the end of last year after rising mortgage rates put purchases out of reach for many would-be buyers, especially in coastal markets where prices had soared. Borrowing costs have since dropped, bringing out more buyers, but the recovery has been slow to kick in.

Total mortgage application volume rose 0.6% on a seasonally adjusted basis from the previous week. Volume was nearly 14 percent lower compared with the same week one year ago, according to the Mortgage Bankers Association, when lower interest rates sparked a refinance boom.

Higher interest rates cut refinance mortgage application volume and reduced overall activity even as the purchase index reached a nine-year high, according to the Mortgage Bankers Association. The MBA’s Weekly Mortgage Applications Survey for the week ending April 12 found that total volume fell 3.5% as the refinance index decreased 8% from the previous week.

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Total mortgage application volume fell 2.6 percent last week as rates moved higher. Rising interest rates cause a 2.6% pullback in weekly mortgage applications Home

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The average interest rate for 30-year fixed-rate mortgages (FRM) grew to 4.40 percent last week from 4.36 percent the week prior, with points rising to 0.47 from 0.44. The average interest rate for 30-year jumbo FRMs increased to 4.28 percent from 4.21 percent.

Volume was 11 percent lower than a year ago, when mortgage rates were 42 basis points lower. The drop in mortgage rates over the past two months has given new life to the refinance market.

Weekly mortgage applications rise 2.7% in a strong week for homebuyers Weekly figures released by the Mortgage Bankers Association showed that the Market Composite Index, which is a measure of mortgage loan application volume. 30-year mortgage rates. While borrowers.

Mortgage application volume fell 5.6% from one week earlier as rising interest rates put an end to the recent surge in refinancings, according to the Mortgage Bankers Association. The MBA’s Weekly Mortgage Applications Survey for the week ending April 5, found that the refinance index decreased 11% from the previous week.

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