Mortgage Apps Decline For The Week
Considering that refis have been making up 60-70% of mortgage applications it is not surprising that rising rates would negatively impact weekly mortgage application stats.
Total mortgage applications dipped 1.3% from one week earlier, according to the Weekly Mortgage Applications Survey from The Mortgage Bankers Association
– Refis fell 5% from the previous week and was 43% lower than the same time a year ago.
– Purchases were actually up 7% and the unadjusted index was up 2% from the same week one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, noted in a statement, “The 30-year fixed mortgage rate climbed to 3.26 percent last week, which is the highest since last July and up 40 basis points since the start of 2021.” Not exactly an ideal situation for the refinance market.
All mortgage products were up except for one. MBA found that the average contract interest rate for 15-year fixed-rate mortgages decreased to 2.63% with points decreasing to 0.37. So if you are looking to refi to a 15-YR Fixed, the market is is still your oyster