WRE News November 13, 2023
Buyer
Mortgage application activity was on the rise in the latest data from the Mortgage Bankers Association (MBA), which tracked the week ending Nov. 3.
The Market Composite Index, the trade group’s measure of mortgage loan application volume, was up by 2.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index inched up by 1%.
The seasonally adjusted Purchase Index increased 3% from one week earlier while the unadjusted index took a 1% uptick – but the latter was also 20% lower than the same week one year ago. The Refinance Index increased 2% from the previous week and was 7% lower than the same week one year ago, while the refinance share of mortgage activity increased to 31.4% from the previous week’s 31.2%.
Among the federal programs, the FHA share of total applications remained unchanged at 14.7% and the USDA share was also unchanged at 0.5% while the VA share increased to 10.5% from 10.1% the week prior.
Joel Kan, MBA’s vice president and deputy chief economist, observed, “Applications for both purchase and refinance loans were up over the week but remained at low levels. The purchase index is still more than 20 percent behind last year’s pace, as many homebuyers remain on the sidelines until more for-sale inventory becomes available.”
Stay up to date on the latest real estate trends.
Buyer
July 14, 2025
For the Miami bungalow of Chelsea Hirschhorn, husband-and-wife design team, Monica Santayana and Ronald Alvarez of MONIOMI Design were tasked with capturing a subtle, … Read more
Seller
July 13, 2025
When it comes to selling your home, there are a lot of factors to consider before placing it on the market, including what design decisions could potentially boost you… Read more
Buyer
July 12, 2025
After five weeks in decline, mortgage rates were on the rise in the latest Primary Mortgage Market Survey published by Freddie Mac (OTCQB: FMCC).
Lifestyle
July 12, 2025
Wendy’s family rarely misses a daily walk to the beach to watch the sunset with their two precious dogs.
Lifestyle
July 12, 2025
Every afternoon, when I drive up the road to pick up my son from day camp, I pass the nearby sleepaway camp on my way.
Buyer
July 11, 2025
There are plenty of headlines these days calling for a housing market crash. But the truth is, they’re not telling the full story.
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