Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
721,576-14142
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.97%0.01
Mortgage

Mortgage applications nosedive 17%

Refi share drops below 50% for the first time in a month

Mortgage applications decreased 17% from one week earlier as mortgage rates surged, according to data from the Mortgage Bankers Association’s (MBA) weekly application survey for the week ending October 11, 2024.

The Market Composite Index, a measure of mortgage loan application volume, decreased 17% on both a seasonally adjusted and an unadjusted basis from one week earlier.

The refinance index decreased 26% from the previous week and was 111% higher than the same week one year ago. The seasonally adjusted purchase index decreased 7% from one week earlier and was 7% higher than the same week one year ago.

“Mortgage rates moved higher for the third consecutive week, with the 30-year fixed rate increasing to 6.52%, its highest level since August,” said Joel Kan, MBA’s vice president and deputy chief economist. “The recent uptick in rates has put a damper on applications.”

Kan noted that the refinance application share fell below 50% for the first time in a month and while purchase applications declined, they remain 7% higher than a year ago.

“Demand is holding up to an extent for prospective first-time buyers. FHA purchase
applications were little changed despite the increase in rates, as some first-time homebuyers remain in the market because of improving housing inventory conditions.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please