Mortgage demand increases by over 28%

NFL By Ajay Pandit Jan 18, 2023

[{"selector":"#anim-11f94069-e795-4386-86ae-6ae3bffeb98e [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.805555445152372%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com The Mortgage Bankers Association's seasonally adjusted index shows

[{"selector":"#anim-78723ad5-22e9-4fff-9c65-ac76aa51a87a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.22656238608351%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com a roughly 28% increase in mortgage application volume from the prior week.

[{"selector":"#anim-9ff44e78-e90e-4c07-af1d-227913ab5b26 [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 The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) dropped from 6.42% to 6.23%,

[{"selector":"#anim-a4c70ee7-596a-4546-8d69-5ec4064fc015 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.240844612732676%, 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 with points for loans with a 20% down payment falling from 0.73 to 0.67 (including the origination fee).

[{"selector":"#anim-9c5da1b8-26d6-4d62-88d3-63025334b037 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 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 MBA poll, rates recently peaked at roughly 7.2% at the end of October,

[{"selector":"#anim-9ea0de66-8172-4126-8049-a54bc182184f [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 but they concluded the year at 6.58%. The 30-year fixed rate's typical rate was 3.64% a year ago.

[{"selector":"#anim-f4d913ed-0b99-4d92-8d2e-02fc9adccfc4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(18.26923072595391%, 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 The biggest change was in refinance demand, which increased 34% from the previous week

[{"selector":"#anim-5fb26e9a-ecc8-4ea7-8c46-ea8b2ee63f05 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(0, 9.90990990990992%, 0)","translate3d(0, 0%, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com but was still 81% below the same period a year ago.

[{"selector":"#anim-05c44e90-e006-4621-a8f1-8acbafb53e17 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.542968638003448%, 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 Refinance applications made up 31.2% of all mortgage activity, up from 30.7% the week before.

[{"selector":"#anim-197ec4b5-9020-4744-8fb6-9b09283f1264 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.276785600673975%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com Mortgage applications for house purchases increased 25% week over week

[{"selector":"#anim-872edf55-cebd-4529-b924-6f6023ccddf9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.240844612732676%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com while declining 35% from the same week a year earlier.

[{"selector":"#anim-fed0cefa-5a03-445b-9631-437241bd25a8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.542968638003448%, 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 Lower mortgage rates and more homes on the market will increase affordability

[{"selector":"#anim-df659cf2-6698-4f21-affa-2af7b062fd2a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com For first-time homebuyers as the spring purchasing season gets underway,

[{"selector":"#anim-52dd4d03-c8f3-4eda-b007-efa44cf3eb13 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.237664359835087%, 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 Mike Fratantoni, senior vice president and chief economist at the MBA.

[{"selector":"#anim-8b87b1fa-e857-4295-aa08-bf2f145a17aa [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 However, the market is not experiencing an increase in inventories.

[{"selector":"#anim-6bb5ca02-55f3-477b-b05b-2901d0242528 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.240844612732676%, 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 Real estate agency Redfin estimates that there are 21% more active listings today than there were a year ago.

[{"selector":"#anim-d84af364-e745-4857-9c2e-c6f1f3eb66c0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-48.67788439687545%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] Iage Credit - Google.com This is primarily a result of houses being on the market for extended periods of time with much fewer transactions.

[{"selector":"#anim-fb2fed02-d139-420e-b811-b194352b6f13 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(23.31202370443794%, 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 Home for sale new listings are down 22% from the previous year. Learn more