Interest rates continued their slow decline last week while application volume is inching up almost as slowly. The Mortgage Bankers Association (MBA) reports a 1.6 percent increase in its seasonally adjusted Market Composite Index , a measure of mortgage loan application volume. On an unadjusted basis, the Index gained 0.2 percent over the prior week. Applications for home purchase financing took the lead, rising 3.0 percent on a seasonally adjusted basis and was up 1.0 percent before adjustment. The Purchase Index has now narrowed what was once a double-digit deficit to a -4.0 percent year-over-year gap. [purchaseappschart] The Refinance Index decreased 0.3 percent from the previous week and was 94 percent higher than the same week one year ago. Refinance applications made up 46.4 percent of the total, down from 46.6 percent the previous week. [refiappschart] “Most mortgage rates moved lower last week, with the 30-year fixed rate edging down slightly to 6.43 percent. Purchase applications increased more than 3 percent over the week and are inching closer to last year’s levels, with government purchase applications leading the increase,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “ Refinance applications were slightly down but continued to show strong annual gains as borrowers with higher rates have been refinancing to lower their monthly payments. Similar to purchase activity, refinance activity has picked up across the various loan types.” 
MND logo
September 4, 2024
Download our Mobile App:
Download from Google Play
Download from Apple App Store
View the QR Code
Download our Mobile App:
Download from Google Play
Download from Apple App Store
Housing News
Interest rates continued their slow decline last week while application volume is inching up almost as slowly. The Mortgage Bankers Association (MBA) reports a 1.6 percent increase in its seasonally adjusted Market Composite Index , a measure of mor... (read more)
MBS Commentary
Persistent Rally After Data. More Data Ahead Wednesday ended up being almost exclusively about the Job Openings data in the morning.  Bonds were fairly flat before that and rallied sharply afterward.&nbs... (read more)
Mortgage Rate Watch
Mortgage rates moved lower for the 2nd straight day on Wednesday with the average lender right in line with their lowest levels since August 5th.  In fact, most borrowers would see little--if any difference between today's loans quotes and those... (read more)
Rob Chrisman
I don’t know what, exactly, separates irony, satire, or paradox. Whatever category this falls into, it’s a classic tale of biblical proportions. (Other disaster news below.) While we’re on seafaring vessels, some parties you remember, others not, but... (read more)
Mortgage Rates
MBS / Treasuries