Reporters discuss bombshell story on’s CEO

An exclusive interview with the Forbes reporters who recently wrote a bombshell article about CEO Vishal Garg’s controversial workplace culture.

Now is the time to double down on diversity and inclusion efforts

Quicken Loans Mortgage Services is proud to partner with a diverse set of brokers, which broadens the pool of potential clients they serve together.

How to Accelerate Closings in 2021

In this webinar, we’ll provide you with actionable insights to help you accelerate your closing process from point-of-sale through post-closing.

Why are sellers sitting on the housing market sidelines?

Why aren’t more homeowners selling in this hot housing market? According to new research from Zillow, a number of factors are at play.


Mortgage applications fall 6.5% as rates hover around 3%

But the home purchase market home remains a "bright spot for the overall economy"

Despite mortgage rates that continue to hover around 3%, mortgage applications fell 6.5% last week, according to a report from the Mortgage Bankers Associations.

As the industry continued its dialogue regarding the proposed refinance fee, the refinance index fell 10% from the previous week, but remained 34% higher than the same week one year ago. As far as the long-term impact that the proposed fee will have on the refinance index, the industry will have to wait until Dec. 1., as the FHFA announced on Tuesday that it delayed the fee that was originally set for Sept 1.

“Conventional refinance applications fell 11% and government refinance applications fell 6%, which pushed the total refinance index to its lowest weekly level since July,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

The refinance share of mortgage activity also fell to 62.6% last week from 64.6% the week before, according to the report.

Purchase applications, however, remained steady as the seasonally adjusted purchase index rose .4% from one week earlier.

“The home purchase market remains a bright spot for the overall economy. Purchase applications were essentially unchanged but were 33% higher than a year ago – the 14th straight week of year-over-year gains,” said Kan. “Mortgage rates at record lows and households looking for more space are driving this summer’s surge in demand.”

The adjustable-rate mortgage (ARM) share of activity decreased to 2.6% of total applications.

Here is a more detailed breakdown of this week’s mortgage application data:

  • The FHA’s share of mortgage apps increased to 10.5% from 10.3%.
  • The VA share of applications increased to 11.8% from 11.2%.
  • The USDA share of total applications remained unchanged from 0.6% the week prior.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) fell to 3.11% from 3.13%.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $510,400) remained unchanged from 3.41% the week prior.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA remained unchanged from 3.16% the week prior.
  • The average contract interest rate for 15-year fixed-rate mortgages fell to 2.7% from 2.73%.
  • The average contract interest rate for 5/1 ARMs increased to 3.14% from 2.95%.

Leave a comment

Most Popular Articles

The downside of the hot 2020 housing market: rapid home-price growth

The mismatch in the COVID deflationary impact toward the economy overall and the strength of the housing market due to demographics makes for a troubling formula for home-price growth, which we are seeing. The recent NAR existing home sales report showed 15.5% year-over-year growth in prices. HW+ Premium Content

Nov 30, 2020 By

Latest Articles

Fannie and Freddie need “significant capital” to leave conservatorship, Mnuchin says

In a hearing before the House Financial Services Committee, Treasury Secretary Steven Mnuchin said no definite plans have been made for the future of Fannie Mae and Freddie Mac, but discussed the idea that they could be released from conservatorship before their full capital levels are reached.

Dec 02, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please