WRE News April 18, 2024
Seller
Mortgage application activity picked up for the week ending April 12, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, increased 3.3% on a seasonally adjusted basis from one week earlier while the unadjusted index rose by 4%.
The seasonally adjusted Purchase Index increased 5% from one week earlier and the unadjusted index was up by 6% – although the latter was also 10% lower than the same week one year ago.
The Refinance Index inched up by 0.5% from the previous week and was 11% higher than the same week one year ago. However, the refinance share of mortgage activity decreased to 32.1% of total applications from 33.3% the previous week.
Among the federal programs, the FHA share of total applications increased to 12.3% from 12.1% the week prior while the VA share of total applications dropped to 12.4% from 14.0% and the USDA share of total applications remained unchanged.
Joel Kan, MBA’s vice president and deputy chief economist. Opined that application activity increased “possibly as some borrowers decided to act in case rates continue to rise. Purchase applications drove most of the increase but remain at low levels of around 10% behind last year’s pace. Refinance applications increased very slightly, driven by a 3% gain in conventional applications.”
Stay up to date on the latest real estate trends.
January 15, 2025
January 14, 2025
We’re officially in the winter stretch, and in many parts of the country, temperatures have plunged—leaving many homeowners struggling with how to beat the chill.
January 14, 2025
A cup of coffee is the quintessential staple of a morning routine—at least in the U.S.
January 14, 2025
Have you ever stopped to think about how much wealth you’ve built up just from being a homeowner?
January 13, 2025
As harrowing and out-of-touch as show business can be, celebrities’ most-relatable sides are exposed in the bonds they share with their pets.
January 13, 2025
Ferguson Partners, the Chicago-based talent management and strategic advisory firm for the real estate sector, announced the results of its first Artificial Intelligen… Read more
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