MORTGAGE

Mortgage Applications Increase By Nearly 30% Weekly

By Ajay Pandit

Jan 18, 2023

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According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 13, 2023, 

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the 30-year fixed-rate mortgage (FRM) dropped 15 basis points at the start of the year, hitting lows last seen in September 2022. 

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This prompted buyers to act, increasing the overall volume of mortgage applications by 27.9% week over week.

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According to Mike Fratantoni, MBA's SVP and Chief Economist, "mortgage application activity returned substantially 

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in the first full week of January, 

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with both refinance and buy activity climbing by double-digit percentages compared to previous week, 

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which included the New Year's holiday observance.

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" Despite these increases, refinancing activity is still running at a pace that is more than 80% slower than it was last year, 

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and purchase volume is still 35% lower than it was then.

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According to Freddie Mac, the 30-year FRM averaged 6.33% for the week ending January 12, 2023, 

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down from the prior week's reading of 6.48% by 15 basis points. 

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The 30-year FRM's average rate at this time last year was 3.45%.