Mortgage Applications Increase By Nearly 30% Weekly

MORTGAGE By Ajay Pandit Jan 18, 2023

[{"selector":"#anim-1eff97a3-1727-4257-8f51-575e6d081885 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-27.77478446405245%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2023,

[{"selector":"#anim-6909db23-5e7c-46d7-937f-7c7d4d62325c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(44.94052764219046%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com the 30-year fixed-rate mortgage (FRM) dropped 15 basis points at the start of the year, hitting lows last seen in September 2022.

[{"selector":"#anim-5583c88b-d594-4e63-9ef1-4b332728ef9c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.18509605788193%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Iage Credit - Google.com This prompted buyers to act, increasing the overall volume of mortgage applications by 27.9% week over week.

[{"selector":"#anim-d9d1a4e3-cf40-42d5-a609-0d9959c5d5a4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Iage Credit - Google.com According to Mike Fratantoni, MBA's SVP and Chief Economist, "mortgage application activity returned substantially

[{"selector":"#anim-dd9ebf2d-d9ef-4caa-9021-8a36840a32d8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-33.41064443058643%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com in the first full week of January,

[{"selector":"#anim-6f4b86be-ad9d-4810-ad56-4d7482319b7b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(35.937499914669296%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com with both refinance and buy activity climbing by double-digit percentages compared to previous week,

[{"selector":"#anim-7da8b735-24d5-45b4-9c0f-bb3521b2982b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-32.61874989453125%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Iage Credit - Google.com which included the New Year's holiday observance.

[{"selector":"#anim-609c6a93-8b69-4bb6-9bf2-af3dbcb0649b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0, 21.61100222897282%, 0)","translate3d(0, 0%, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com " Despite these increases, refinancing activity is still running at a pace that is more than 80% slower than it was last year,

[{"selector":"#anim-5f4830a1-f56a-40c1-9478-794bb75f5d83 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.2792967614035%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com and purchase volume is still 35% lower than it was then.

[{"selector":"#anim-5d8cd861-4b20-48a7-9576-4828ecfd38e8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.542968638003448%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com According to Freddie Mac, the 30-year FRM averaged 6.33% for the week ending January 12, 2023,

[{"selector":"#anim-eb656303-5550-4574-bac5-dccfca358c99 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(13.130403406168986%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Iage Credit - Google.com down from the prior week's reading of 6.48% by 15 basis points.

[{"selector":"#anim-07ef1be0-bcc6-478b-9597-ab76e7e5770b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0, 21.875%, 0)","translate3d(0, 0%, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com The 30-year FRM's average rate at this time last year was 3.45%. Learn more