Mortgage applications increased 4.9% from one week earlier, according to data from the Mortgage Bankers Association’s weekly survey…(MBA)
- REFI: The Refinance Index increased 7% from the previous week but was 5% lower when compared to the same week one year ago.
- PURCHASES: The Purchase Index increased 2% from one week earlier but was up a big 25% when compared to the same time one year ago.
NOTE: The refinance share of mortgage activity increased to 66.2 percent of total applications from 64.9 percent the previous week.
Mortgages rates didn’t move an inch for the week ending September 17, 2021…
- 30-YR FIXED: The average contract rate was unchanged at 3.03% and was down 7 basis points from the same time one year ago.
- 15-YR FIXED: The average contract rate was unchanged at 2.34% and was down 30 basis points from the same time one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said in a statement that demand for homes does not appear to dissipate at all despite the transition into fall a normal downtime for real estate…
- “Purchase applications were up over 25 percent from a year ago, and the demand for higher-balance loans pushed the average purchase loan size to another record high. The strong interest in homebuying observed this summer has carried over to the fall,”