WRE News October 14, 2023
Buyer
Mortgage application activity recorded a slight uptick last week, according to new data from Mortgage Bankers Association (MBA).
The Market Composite Index, the trade group’s measure of mortgage loan application volume, inched up by 0.6% on a seasonally adjusted basis week-over-week while the unadjusted index was up by 1%.
Both the seasonally adjusted and the unadjusted Purchase Index was up by 1% compared with the previous week, while the unadjusted index was down 19% lower than the same week one year ago.
The Refinance Index saw a 0.3% bump-up from the previous week and was 9% lower than the same week one year ago. The refinance share of mortgage activity decreased to 31.6% of total applications from 31.7% in the previous week.
Among the federal programs, the FHA share of total applications decreased to 14.4% from 14.5% the week prior while the VA share of total applications increased to 10.2% from 10.1% and the USDA share of total applications remained unchanged at 0.5%.
“While most mortgage rates increased last week, rates on ARMs declined, leading to an increase in ARM volume and an increase in overall applications,” said Joel Kan, MBA’s vice president and deputy chief economist. “The level of ARM applications increased by 15% over the week, bringing the ARM share up to 9.2% of all applications, the highest since November 2022. The yield curve has become less inverted in recent weeks and ARM pricing has certainly improved.”
Stay up to date on the latest real estate trends.
Buyer
April 22, 2025
Mortgage applications for new home purchases during March was up 5.5% year-over-year and up 14% month-over-month, according to data from the Mortgage Bankers Associati… Read more
Lifestyle
April 22, 2025
It’s official: Traditional turf lawns are getting a botanical makeover, and red creeping thyme (Thymus serpyllum 'Coccineus') is leading the trend.
Buyer
April 22, 2025
According to Realtor.com, the best week to list your house this year was April 13–19.
Buyer
April 21, 2025
If buying a home is on your radar – even if it’s more of a someday plan than a right now plan – getting pre-approved early is still one of the smartest moves you can m… Read more
Lifestyle
April 21, 2025
With all the bad news about how technology affects the brains of kids and teens—as it’s associated with higher rates of depression, anxiety, cognitive delays, insomnia… Read more
Seller
April 21, 2025
Unfortunately, a lot of sellers today are setting their asking price too high.
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