Mortgage Purchase Applications 14% Lower Than 12 Months Ago (Rising Home Prices Hurting Mortgage Demand)

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by confoundedinterest17

Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 2.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 18, 2021.

The Refinance Index increased 3 percent from the previous week and was 9 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 1 percent from one week earlier.

Soaring home prices have put a damper on mortgage purchase applications.

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The unadjusted Purchase Index decreased 1 percent compared with the previous week and was 14 percent lower than the same week one year ago.

Mortgage refinancing applications have leveled-out after the spike that occurred after the rate drop around the Covid outbreak (or Covid Pit of Despair).

Here are the numbers from the MBA.

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