Home loan applications rise
Weekly mortgage application data from the Mortgage Bankers Association was released on Wednesday. Comparing week-over-week, mortgage applications were up 7.4%. MBA deputy chief economist Joel Kan stated this was “a step in the right direction,” and that purchase activity that was “put on hold last year due to the quick runup in rates is gradually coming back as rates ease and demand remains strong.”
How about mortgage refinance applications?
In another report from the Mortgage Banker’s association, refinance applications had one of its biggest week-over-week increases in ten months. The MBA stated that its Refinance Index was 18.0% higher than the previous week and the refinance share of weekly application activity rose from 31.2% to 33.9%.
MBA deputy chief economist was also quoted here, and said, “Both purchase and refinance applications increased last week and have shown gains in three of the past four weeks because of lower rates. Overall applications remained 58 percent lower than a year ago and rates are still significantly higher, however, this week’s results are a step in the right direction.
Where are mortgage rates this week?
The national average for a 30-year fixed rate mortgage was down slightly on Wednesday after trending upwards for the first two days of the week. A 30-year fixed rate mortgage ended Wednesday’s session down -0.03% at 6.42% nationally*.
Additional comments from the Federal Reserve indicated that all of the directors are essentially in lockstep when it comes to monetary policy, and will continue until they see job growth slow and inflation down to the 2% goal they’ve set.
* National average rates accurate as of 2/8/23 from mortgageratenewsdaily.com and are not advertised rates from Guaranteed Rate.
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