by Greg Diodati
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by Greg Diodati
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Even as rates were on the rise last week, mortgage application volume still managed to squeeze out a 0.6 percent increase on a seasonally adjusted basis, the Mortgage Bankers Association reports Wednesday. Total mortgage applications include those for refinancings and home purchases.
Mortgage applications are now 18.5 percent higher than a year ago, MBA reports. Broken out, mortgage applications for home purchases rose 3 percent compared to the previous week and are now 13 percent higher than the same week one year ago. Meanwhile, applications for refinancings dropped 1 percent from the previous week, but remain 22.4 higher than a year ago (when rates were slightly higher).
“Refinance applications dropped to the lowest level since the week of the Brexit vote, as mortgage rates reached their highest level since then,” says Michael Fratantoni, chief economist for the MBA.
The average 30-year fixed-rate mortgage rose to its highest level last week since June. It reached 3.73 percent last week, up from 3.68 percent the week prior, MBA reports. Lenders report that mortgage rates did start to inch lower at the beginning of this week, however.
Source: “Mortgage Applications Climb 0.6%; Rising Rates Don’t Scare Buyers,” CNBC (Oct. 19, 2016)
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