Tag Archives: Mortgage Applications

“Applications for purchase loans on newly constructed homes remained strong in July, up 36% annually, as new homes continued to account for a growing share of homes available for sale,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

The MBA reports that new home purchase mortgage applications in June rose 26.1% year-over-year, despite mortgage rates nearing the 7% mark.

“Applications for purchase loans were up on a monthly basis and increased annually for the fourth consecutive month," said Joel Kan, MBA’s VP and Deputy Chief Economist. "Our estimate of new home sales also jumped in May, up 16% to the fastest pace of new home sales in 15 months.”

Mortgage application volume fell has fallen for a month straight, with purchase activity constrained by rates nearing the 7% mark and a lack of for-sale inventory.

With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.

The MBA reports April marked the third consecutive month of year-over-year growth in new home purchase apps, as the mortgage rate environment continues to factor into homebuying and selling decisions.

Despite the Fed continuing to raise interest rates, overall mortgage refinance application volume rose 10% week-over-week, hitting levels last seen in September of 2022.

After a five-week string of declining rates, mortgage rates rose modestly for the second consecutive week, on the eve of the GSE’s enacting changes to loan-level price adjustments geared toward tackling housing affordability challenges nationwide.

The MBA reports a near 9% week-over-week slide in mortgage applications, as cautious buyers proceed through the spring season amid continued affordability challenges and limited supply.

As high mortgage rates and inflated home prices persist, a new report from the Mortgage Bankers Association revealed the national median payment applied for by purchase applicants increased nearly 5% in February.