Currently Reading

Mortgage Applications Fall as Rates Rise

Advertisement
Market Data + Trends

Mortgage Applications Fall as Rates Rise

Mortgage applications fell last week as the interest rate on a 30-year fixed mortgage rose to 3.1% from 3.03%


September 29, 2021
tetter totter
Photo: stock.Adobe.com

Total mortgage application volume fell 1.1% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. That dip occurred as the interest rate for a 30-year fixed rate mortgage rose to 3.1% from 3.03% along with an increase in points and origination fees.

“Increased optimism about the strength of the economy pushed Treasury yields higher following last week’s FOMC meeting. Mortgage rates in response rose across all loan types, with the benchmark 30-year fixed rate reaching its highest level since early July 2021,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Applications to refinance a home loan, which are highly sensitive to weekly rate movements, decreased 1% from the previous week and were essentially flat from a year ago. The increase in interest rates occurred late in the week and continued into this week, suggesting the negative effect on refinance demand will be more severe in next week’s report.

Read More

Related Stories

Market Data + Trends

Single-Family Rent Growth Hits 35-Year High

Public investments total $30 billion in capital and counting.

Market Data + Trends

Where Were the Homeownership Gains?

Households under 35 years old experienced the fastest growth in homeownership than any other age group during 2019.

Market Data + Trends

Goldman Sachs Forecast Suggests Home Price Increase

Continuing strong demand may cause an even greater rise in U.S. house prices.

Advertisement
Advertisement

More in Category




Advertisement
Advertisement

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.