Finance Globe

U.S. financial and economic topics from several finance writers.
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Mortgage Application Volume Rose Last Week

The volume of mortgage applications rose slightly last week, according to a report released Wednesday by the Mortgage Bankers Association.

Last week's mortgage loan application volume, as measured by the Market Composite Index, was 915.9, up 2.3% from 895.6 the previous week, seasonally adjusted. On an unadjusted basis, the index increased 2% compared with the previous week and increased by 42% compared with the same week from last year.

The Refinance Index increased by 4.5% to 4794.4 from 4588.6 the previous week. Mortgage refinance accounted for 73.65% of total mortgage applications, indicating that home owners are still taking advantage of historically low interest rates.

The average mortgage rate dipped last week. Conventional 30-year fixed-rate mortgages with 80% loan-to-value ratio were 4.69%, down from 4.76% from the week before, with points decreasing to 1.13 from 1.18. The average rate for a 15-year fixed rate mortgage decreased to 4.44% from 4.5% the previous week, with points decreasing to 1.01 from 1.08. One-year ARM rates slipped to 6.38% from 6.41%, with points decreasing to .10 from .11.

The MBA survey is done weekly and covers approximately 50% of all U.S. retail mortgage applications among mortgage brokers, commercial banks, and thrifts.

Mortgage Bankers Association
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Friday, 03 February 2023

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