Rising rates stifle mortgage application volume

Total mortgage application volume fell 2.6 percent last week as rates moved higher. Rising interest rates cause a 2.6% pullback in weekly mortgage applications Home

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Rising mortgage rates are making an impact on refinance mortgage application volume, according to new information from the Mortgage Bankers Association. " The MBA’s Weekly Mortgage Applications Survey for the week ending April 12 found that total volume fell 3.5% as the refinance index decreased 8% from the previous week," according to National.

Purchase Volume Takes a Hit, Responding to Rising Interest Rates Apr 24 2019, 5:20AM Rising interest rates continued to take a toll on mortgage applications during the week ended April 19.

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BEST MORTGAGE RATE on a 5 YEAR FIXED & A WARNING!!! / Current Best Mortgage Rate & A CAUTION!!! Rising mortgage rates again reduce refinance application volume Higher interest rates cut refinance mortgage application volume and reduced overall activity even as the purchase index reached a nine-year high, according to the Mortgage Bankers Association.

Mortgage application volume fell 5.6% from one week earlier as rising interest rates put an end to the recent surge in refinancings, according to the Mortgage Bankers Association. The MBA’s Weekly Mortgage Applications Survey for the week ending April 5, found that the refinance index decreased 11% from the previous week.

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Volume was 16 percent lower than a year ago. Rising interest rates are now clearly taking their toll on potential homebuyers. Total mortgage application volume fell 4 percent last week from a week earlier and plunged 16 percent from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average fixed 30-year mortgage rate fell by 8bps to 4.06 percent, the lowest level since the week ended September 15th 2017. Mortgage Applications in the United States averaged 0.47 percent from 2007 until 2019, reaching an all time high of 49.10 percent in January of 2015 and a record low of -38.80 percent in January of 2009.

Volume was 11 percent lower than a year ago, when mortgage rates were 42 basis points lower. The drop in mortgage rates over the past two months has given new life to the refinance market.

"Rising rates continue to create volatility in weekly mortgage applications activity. The 10-year Treasury hit 2.5% last week and our survey’s 30-year fixed rate of 4.22% is at its highest.

Meanwhile, with rates rising, mortgage applications lagged last week, according to the latest data from the Mortgage Bankers Association. The market composite index – a measure of total loan.