WRE News August 13, 2023
Buyer
Mortgage application activity continued to slow last week, according to new data from the Mortgage Bankers Association (MBA).
The trade group’s Market Composite Index, a measure of mortgage loan application volume, decreased 3.1% on a seasonally adjusted basis and 4% on an unadjusted basis from one week earlier. Both the seasonally adjusted and unadjusted Purchase Indexes were down by 3% from one week earlier, with the unadjusted index down 27% from the same week one year ago.
The Refinance Index fell by 4% from the previous week and was 37% lower than the same week one year ago. The refinance share of mortgage activity decreased to 28.7% of total applications from 28.9% in the previous week.
Among the federal programs, the FHA share of total applications increased to 13.6% from 13.3% the week prior while the VA share of total applications increased to 11.8% from 11.6% and the USDA share of total applications decreased to 0.4% from 0.7%.
Joel Kan, MBA’s vice president, and deputy chief economist, observed, “The rate for FHA mortgages increased to 7.02%, the highest rate since 2002. Not surprisingly, mortgage applications continued to decline given these higher rates, with overall application counts falling for the third consecutive week, as both purchase and refinance activity declined. The purchase index fell for the fourth consecutive week, as homebuyers continue to struggle with low for-sale inventory and elevated mortgage rates.”
Stay up to date on the latest real estate trends.
Lifestyle
July 26, 2024
A trip to Paris wouldn’t be complete without indulging in France’s most iconic culinary delights, from buttery croissants to fine cheeses and wine.
Buyer
July 26, 2024
Two newly published data reports are offering very different views on the best markets for rental housing.
Buyer
July 25, 2024
When 51-year-old Pazit Aviv walks her dog in her Silver Spring, Md., neighborhood, it takes an extra 30 minutes as she inevitably gets lost in an impromptu chat with a… Read more
Buyer
July 25, 2024
If you’re in the market to buy a home, there’s some exciting news for you.
Lifestyle
July 24, 2024
The success of a food or drink business is predicated on many things—quality, flavor, price and market reach, to name a few—but in a world plagued by climate change, w… Read more
Buyer
July 24, 2024
Even though data shows inflation is cooling, a lot of people are still feeling the pinch on their wallets.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today