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Mortgage Applications And Refi Volume Takes A Hit

November 14, 2018

Mortgage application activity has fallen by 3.2% in just one week. This coincides with a rise in interest rates and a refinancing drop that reached an 18-year low, according to a recent report. 


"The MBA's Weekly Mortgage Applications Survey for the week ending Nov. 9 found that the refinance index decreased 4.3% from the previous week reaching its lowest level since December 2000," reported National Mortgage News


"The refinance share of mortgage activity increased to 39.4% of total applications from 39.1% from one week earlier."


Joel Kan, the MBA's associate Vice President of economic and industry forecasts believes that much of the slides are a result of "volatility in the financial markets and increasing rates."


"Adjustable-rate loan activity decreased to 7.7% from 7.8% of total applications, while the share of Federal Housing Administration-guaranteed loans increased to 10.6% from 10.1% the week prior," according to NMN.


"The share of applications for Veterans Affairs-guaranteed loans remained unchanged at 10.1% and the U.S. Department of Agriculture/Rural Development share remained unchanged from 0.7% the week prior."


To learn more about these changes and what to expect in terms of the general outlook for the housing market, click on the image above




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