According to the Mortgage Bankers Association's seasonally adjusted index, total mortgage application volume grew 4.9 percent the week of October 15 over the previous week.
The data from the previous week, which included Columbus Day, was adjusted to account for the bank holiday and now reflects greater volume in refinance and loans to buy a home as buyers seek to enter the market before interest rates rise further, CNBC reports. Mortgage volume was higher than in the following two weeks for both refinances and purchases, and had a 16 percent lower annual rate. Applications to refinance grew 10 percent over the week, but dropped 32 percent annually.
"The holiday impacted refinance applications more than purchases," said the MBA's Joel Kan. "Meanwhile, purchase applications increased 2 percent over the prior week but were still 4 percent lower than two weeks ago — a sign that both the jump in mortgage rates and tight inventory continue to hold back application activity."
Advertisement
Related Stories
Affordability
How Much Must American Renters Earn to Afford Average Rental Prices?
US rents have increased 3.6% year-over-year, pushing the amount renters must earn to afford average rents to around $80K
Market Data + Trends
Survey Shows Confidence Drop in Multifamily Development in Q1 2024
Current sentiment has NAHB projecting that multifamily starts will decrease by 28% during 2024 as developer activity slows
Planning + Development
Developers Target Hotels for Adaptive Reuse Projects in Major US Cities
Of the growing number of adaptive reuse projects in 2023, hotel conversions stole the show, surpassing office-to-apartment conversions