Though the overall mortgage application volume for the week ending on April 24 may have been down, the week’s numbers actually bring good news for builders: Purchasing business had its best week in almost a month, increasing by 12 percent from the week before. The drop in volume was led by refinance, which fell 7 percent but still remains 218 percent higher than last year, thanks to low interest rates. We’re not out of the woods yet, but the uptick in purchasing mortgage applications lends some hope for the future.
Even though mortgage application volume decreased from one week earlier, lenders had their best week for purchase business since the coronavirus shutdown began, according to the Mortgage Bankers Association.
The MBA's Weekly Mortgage Applications Survey for the week ending April 24 found a 3.3% drop in total volume, led by a 7% decrease in the refinance index from the previous week.
Still, refi application activity was 218% higher than the same week one year ago. The refinance share of mortgage activity decreased to 71.6% of total applications from 75.4% the previous week.
Advertisement
Related Stories
Housing Markets
States Seek Long-Term Solutions to Reform Property Taxes
Rising home prices typically lead to higher property tax assessments, which has been the case in many Mountain West states, prompting lawmakers to grapple with property tax relief
Housing Markets
Metros Where Housing Prices Have Doubled in Less Than 10 Years
Historical data show it's taken less than 10 years for home prices to double in 68 of the country’s 100 largest cities
Housing Policy + Finance
Even With Inflation Running Hot and Elevated Mortgage Rates, Buyer Demand Rises
Mortgage rates will likely stay high for the next few months, but that doesn't seem to be deterring homebuyers