Rising rates stifle mortgage application volume

"mortgage application volume was little changed as mortgage rates remain within the narrow range they have been in the past several months," said Mike Fratantoni, MBA’s chief economist.

Mortgage lenders in the US saw an increase in loan applications last week as interest rates slipped below 5 per cent for the first time in nearly three months. The average interest rate for 30.

The adjustable-rate mortgage share of activity rose to 7.4% of total applications. The federal housing administration ‘s share of mortgage apps increased from last week’s 10.2% to 10.3%.

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Weekly mortgage applications drop 3.2%, hit by tanking stocks and rising rates. Mortgage application volume fell 3.2 percent last week compared with the previous week, according to the Mortgage.

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Weekly mortgage applications drop 3.3%, as spring housing season draws. Total mortgage application. Purchase volume had been trending lower on an annual basis for several weeks, as home sales weakened. Sales of existing and newly built homes have been falling as rising.

How to Shop the Current Mortgage Refinance Rates. While interest rates have inched up since one year ago, refinance rates are still quite low and likely will not go above 5% in 2018, according to many experts. The refinance mortgage rates today remain historically-low and the consumer demand for affordable housing remains high.

Volume was 16 percent lower than a year ago. rising interest rates are now clearly taking their toll on potential homebuyers. Total mortgage application volume fell 4 percent last week from a week earlier and plunged 16 percent from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

Higher interest rates cut refinance mortgage application volume and reduced overall activity even as the purchase index reached a nine-year high, according to the Mortgage Bankers Association. The MBA’s Weekly Mortgage Applications Survey for the week ending April 12 found that total volume fell 3.5% as the refinance index decreased 8% from the previous week.

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