Leave a Message

By providing Jackie Schoelerman your contact information, you acknowledge and agree to our Privacy Policy and consent to receiving marketing communications, including through automated calls, texts, and emails, some of which may use artificial or prerecorded voices. This consent isn’t necessary for purchasing any products or services and you may opt out at any time. To opt out from texts, you can reply, ‘stop’ at any time. To opt out from emails, you can click on the unsubscribe link in the emails. Message and data rates may apply.

Thank you for your message. We will be in touch with you shortly.

Mortgage Application Activity Drops by 1.3%

WRE News October 4, 2024

Buyer

Mortgage Application Activity Drops by 1.3%

Mortgage application volume was down for the week ending Sept. 27, according to new data from the Mortgage Bankers Association (MBA).

The Market Composite Index, the MBA’s measure of mortgage loan application volume, decreased 1.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index dipped by 1%.

Both the seasonally adjusted and unadjusted Purchase Index were up by 1% from one week earlier, while the latter was 9% higher than the same week one year ago. The Refinance Index decreased 3% from the previous week and was 186% higher than the same week one year ago; the refinance share of mortgage activity decreased to 54.9% of total applications from 55.7% the previous week.

Among the federal programs, the FHA share of total applications increased to 16.6% from 15% the week prior while and the USDA share of total applications inched up to 0.4% from 0.3%.

Mike Fratantoni, MBA’s senior vice president and chief economist, observed, “The news for the week was that more homebuyers appear to be entering the market. Purchase application activity was up for the week and increased more than 9% compared to last year at this time. Inventories of both new and existing homes have been increasing over the course of 2024, meaning that potential buyers have properties to look at and now have somewhat lower mortgage rates leading to better affordability.”

Recent Blog Posts

Stay up to date on the latest real estate trends.

‘Silver Tsunami’ of Aging Boomers With $17 Trillion in Home Equity Will Trigger Wave of Wealth for Their Kids

December 20, 2024

Children of baby boomers are set to be on the receiving end of one of the largest generational wealth transfers in history as their parents prepare to bequeath them a … Read more

Title Insurance Premium Volume Up 5.3% in Q3

December 20, 2024

The title insurance industry generated $4.3 billion in title insurance premiums during the third quarter, according to new data from the American Land Title Associatio… Read more

Michael Phelps Says These 2 Parenting Tricks Are His Key To Raising Mentally Healthy Kids

December 20, 2024

When Olympic swimmer Michael Phelps wakes up in the morning, he asks himself how he can be his best self that day, not only for his own mental health, but also for his… Read more

Struggling To Sell Your House? Read This.

December 20, 2024

When you sell your house, ideally, you want it to go something like this: your house sells for top dollar, you get it sold quickly, and it all goes down without a hitc… Read more

San Alma Neighborhood of Palo Alto

December 20, 2024

How to Craft a Memorable Holiday Tablescape

December 19, 2024

As someone who loves to host holiday meals, I enjoy letting my creativity run wild by setting the table in festive, unexpected ways.

We are Your GPS to Success Let’s Get Started

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

Schedule Appointment

Follow Us On Instagram