It reveals its latest application data
Mortgage application activity dropped week-over-week as mortgage rates moved higher across the board, according to the Mortgage Bankers Association (MBA).
The latest data from MBA’s weekly mortgage applications survey showed that the 30-year fixed mortgage rate was 6.87% – the highest rate since early December 2023. This led to a 2.3% week-over-week dip in seasonally adjusted loan application volume. However, when not adjusted for seasonality, there was a 2% increase compared to the week before.
Refinance applications fell 2% from the previous week but were still 12% higher than last year. Meanwhile, seasonally adjusted purchase applications dipped by 3% from the prior week, and the unadjusted index saw a 4% increase week-over-week but was 12% below the levels from the same week last year.
“Purchase applications remained subdued as elevated rates continue to add to affordability challenges along with still-low existing housing inventory,” said MBA deputy chief economist Joel Kan. “Refinance applications declined and remained depressed, with rates still higher than a year ago.”
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The survey also noted changes in the composition of mortgage activity. The refinance share of total mortgage applications decreased to 34.2% from 35.4% the previous week. The adjustable-rate mortgage (ARM) share of activity saw an uptick, rising to 7% of total applications.
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