U.S. Mortgage Applications Fall for Fourth Straight Week

U.S. Mortgage Applications Fall for Fourth Straight Week

Posted by Brian Burke on Monday, November 30th, -0001 at 12:00am.

The number of mortgage applications in the U.S. fell last week due to higher lending rates, marking the fourth straight weekly decline in refinancing. Overall applications decreased by 0.9 from the previous week, according to the Mortgage Bankers Association (MBA)s Weekly Mortgage Applications Survey. The decrease in applications is due largely in part to rising rates.

The average rate on a 30-year fixed mortgage—the most common type—rose from 4.56 percent to 4.66 percent last week, the highest since the week ending July 23. The average rate on a 15-year fixed mortgage also rose, from 3.91 percent to 3.98 percent, and the rate on a one-year adjustable mortgage increased from 6.81 percent to 7.07 percent.

Refinance applications decreased 1.4 percent from the previous week, the fourth straight weekly decline. Purchase applications increased 1.8 percent from one week earlier, the third weekly increase. Despite these changes, the refinance share of mortgage activity increased slightly from 74.9 percent to 75.2 percent of total applications.

The adjustable-rate mortgage (ARM) share of activity decreased from 5.7 percent to 5.6 percent of total applications from the previous week. The Weekly Mortgage Applications survey covers over 50 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks and thrifts.

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Brian Burke | Broker | ePRO | Expert   | 303.955.4220 Office | 303.710.2609 Direct |  Brian@kennarealestate.com

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