Refinance applications were still more than 30 percent below a year ago, when the 30-year fixed rate was 32 basis points lower."Īdded Kan, "Purchase activity increased for the third straight week, as housing demand remains robust, even as the housing market approaches the typically slower holiday season. Borrowers continue to lock in mortgages in anticipation of higher rates in the future. "Despite the increase in rates, refinance applications rose slightly, driven by a 2 percent gain in conventional refinances.
Despite a fair amount of rate volatility last week, mortgage rates were higher, with the 30-year fixed rate increasing 4 basis points to 3.24 percent," said Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting. "The financial markets continue to discern the Federal Reserve's policy path in the coming months in light of the current high growth, high inflation environment. The seasonally adjusted Purchase Index rose 5 percent from one week earlier, but volume was down 0.4 percent on an unadjusted basis from the previous week and was 4 percent lower than the same week one year ago. Refinancing's share of mortgage activity increased to 63.1 percent of total applications from 62.9 percent the previous week. The Refinance Index increased 0.4 percent from the previous week and was 34 percent lower than the same week one year ago. MBA says its Market Composite Index, a measure of that volume, increased 1.8 percent on a seasonally adjusted basis from one week earlier and was 0.1 percent higher on an unadjusted basis. The Mortgage Bankers Association (MBA) reports that the volume of loan applications submitted during the week ended November 19 increased slightly, continuing the weekly up and down pattern that has prevailed since the beginning of October. Mortgage Backed Bonds and Securitization.
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