WRE News April 29, 2024
Buyer
Mortgage application activity was down last week, according to the latest data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, decreased 2.7% on a seasonally adjusted basis from one week earlier; the unadjusted index was down 2%.
The seasonally adjusted Purchase Index was down by 1% from one week earlier while the unadjusted index inched up 0.2% — the latter was also 15% lower than the same week one year ago.
The Refinance Index decreased 6% from the previous week and was 3% higher than the same week one year ago. The refinance share of mortgage activity decreased to 30.8% of total applications from 32.1% the previous week.
Among the federal programs, the FHA share of total applications increased to 12.8% from 12.3% the week prior while the VA share of total applications decreased to 11.7% from 12.4% and the USDA share of total applications remained unchanged at 0.4%.
Joel Kan, MBA’s vice president and deputy chief economist, observed, “Purchase applications declined, as home buyers delayed their purchase decisions due to strained affordability and low supply. The ARM share of applications increased to 7.6%, consistent with the upward trend in rates, as buyers look to reduce their potential monthly payments.”
Stay up to date on the latest real estate trends.
Buyer
July 1, 2025
Multi-generational living is on the rise.
Seller
June 30, 2025
Here’s something you need to know.
Buyer
June 29, 2025
We’ve officially reached the dog days of summer, and it’s not just you panting for relief.
Buyer
June 29, 2025
When choosing a fresh coat of paint for your space, picking the perfect color can feel like the most daunting task.
Buyer
June 29, 2025
If you're tired of seeing plain white walls and neutral interiors, then you'll be pleased to know that deeper jewel tones are trending again.
Lifestyle
June 28, 2025
Peppers add color, crunch, and a kick of flavor to everything from fajitas to fresh salads, but these heat‑lovers thrive when surrounded by the right garden friends.
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