As Expected, Mortgage Apps Bounce in Response to Rate Reversal
· mortgagenewsdaily.com
Mortgage application activity rebounded last week as a moderate decline in mortgage rates provided some relief for both homebuyers and homeowners considering a refinance. The Mortgage Bankers Association (MBA) reported a 3.6% increase in total application volume on a seasonally adjusted basis for the week ending August 7. Purchase applications increased 3% from the previous week on a seasonally adjusted basis, but remained 1% below the same week one year ago. Borrowing costs remain elevated and continue to weigh on affordability and buyer demand. Refinance activity also improved, with the Refinance Index increasing 5% from the prior week. Despite the weekly gain, refinance applications remained 22% below year-ago levels.
As Expected, Mortgage Apps Bounce in Response to Rate Reversal
Mortgage application activity rebounded last week as a moderate decline in mortgage rates provid...