Mortgage Applications Fall as Interest Rates Remain High

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Mortgage applications sank last week as high prices and rising mortgage rates have increased unaffordability for average Americans, according to data from the Mortgage Bankers Association.

The total volume of mortgage loan applications for homes declined 10.6% in the week ending Feb. 16 compared to the previous week when seasonally adjusted, while the purchase index fell 10% in that same time, according to a release from the MBA. The drop in applications follows an increase in the average interest rate for a 30-year fixed-rate mortgage for homes under $766,550 to 7.06% from 6.87% the week prior, intensifying housing unaffordability.

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Mortgage Applications Increase to Six-Week High

Applications for mortgages ticked up to a six-week high for the week ending on Nov. 17 in a sign that the housing market might become more accessible to average Americans following rising prices and high mortgage rates, according to the Mortgage Bankers Association (MBA).

The number of mortgage applications increased by 3% compared to a week earlier when seasonally adjusted, according to a press release from the MBA. The increase in volume follows a decline in the average interest rate for a 30-year fixed-rate mortgage, which fell to 7.41% from 7.61% in the same time period.

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Mortgage Applications See Increase for First Time in over a Month

Mortgage applications increased for the first time in over a month after a decrease in mortgage rates last week.

According to a weekly survey by the Mortgage Bankers Association, mortgage applications increased by 1.2% from last week, the first increase seen in five weeks. 

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Mortgage Applications Plummet as Housing Prices Surged to Record High

Mortgage applications plummeted to their lowest level in three years as rates continued to edge higher, hitting home buyers and refinancers.

Mortgage applications decreased 13.1% in the week ending Feb. 18, the lowest level since December 2019, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey. The survey, which measures mortgage loan application volume, found refinancing activity decreased 15% on a weekly basis and was 56% lower than the same period one year prior.

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