Weekly mortgage refinance demand drops 5% after rates hit highest level since November – CNBC
Weekly mortgage refinance demand drops 5% after rates hit highest level since November CNBC
Weekly mortgage refinance demand drops 5% after rates hit highest level since November CNBC
As mortgage rates come off of their historic lows, mortgage applications dropped for the second week, according to data from the Mortgage Bankers Association.
The post Mortgage applications drop for second week appeared first on HousingWire.
Mortgage demand drops as interest rates hit a three-month high CNBC
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Mortgage application activity gave back much of the previous week’s gains as interest rates increased. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 4.1 percent on a seasonally adjusted basis during the week ended February 5 and was down 3 percent before adjustment. The Refinance Index, which had surged by 11 percent during the last week in January, was down 4 percent last week but was still 46 percent higher than the same week one year ago. The refinancing share of overall activity decreased to 70.2 percent from 71.4 percent the previous week. The seasonally adjusted Purchase Index dropped 5 percent from one week earlier but was up 2 percent from the prior week and 17 percent year-over-year on an unadjusted…(read more)
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Access to mortgage credit increased again in January. The Mortgage Bankers Association (MBA) said its Mortgage Credit Availability Index (MCAI) rose 2.0 percent to 124.6. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The two components of the Conventional MCAI posted significant increases. The Conforming MCAI jumped 7.7 percent and the Jumbo component was up 2.2 percent, pushing the parent index up 4.8 percent compared to December. This was slightly offset by an 0.1 percent decline in the Government MCAI. “The growth in credit availability in January coincides with a housing market that is poised for a strong start to the year . Improvements were driven by the conventional segment of the mortgage market…(read more)
For the third week in a row, the average mortgage rate for a 30-year fixed loan remained unchanged at 2.73%, according to Freddie Mac.
The post For the third week in a row, mortgage rates stay at 2.73% appeared first on HousingWire.
Mega Capital Funding just became the latest company to re-enter the non-Qualified Mortgage space with the launch of its new product lines.
The post Mega Capital Funding returns to non-QM lending space appeared first on HousingWire.
Mortgage rates have increased in four of the six weeks of 2021, and mortgage applications have mostly risen and fallen alongside them.
The post Mortgage applications dip as rates climb appeared first on HousingWire.
The MBA’s mortgage credit index rose to 124.6 in January, still the tightest it has been since 2014, but slowly rising as lenders ease up on standards.
The post It’s still really difficult to get a mortgage, but getting easier appeared first on HousingWire.
Posted To: MND NewsWire
Borrowers looking to refinance were quick to take advantage of a slight drop in interest rates last week. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, jumped 8.1 percent on a seasonally adjusted basis during the week ended January 29, and was up 10 percent on an unadjusted basis. The index had declined in each of the two previous weeks. The Refinance Index increased 11 percent from the previous week, also reversing two weeks of losses, and was 60 percent higher than the same week one year ago. The refinance share of mortgage activity increased to 71.4 percent of total applications from 70.7 percent the previous week. The seasonally adjusted Purchase Index ticked up 0.1 percent and was 8 percent higher on an unadjusted…(read more)