U.S. Mortgage Applications Decline As Rates Rise: MBA

RTTNews | 9h 3min ago
Stocktwits
U.S. Mortgage Applications Decline As Rates Rise: MBA

(RTTNews) - Loan applications for house purchase in the U.S. decreased in the week ended November 14 as mortgage rates continued to increase, survey data from the Mortgage Bankers Association showed on Wednesday.

The market composite index, which measures the house purchase mortgage loan application volume, decreased a seasonally adjusted 5.2 percent in the week ended November 14 after a 0.6 percent increase in the previous week, results of the MBA Weekly Mortgage Applications Survey revealed.

The refinance index was 7 percent lower after a 3 percent fall in the previous week, the MBA survey showed. The purchase index decreased 2 percent, partly reversing a 6 percent gain in the previous week.

The refinance share of mortgage activity shrunk to 55.4 percent of total applications from 55.6 percent in the previous week. The adjustable-rate mortgage (ARM) activity fell to 7.5 percent.

The 30-year fixed mortgage rate climbed for a third week in a row to 6.37 percent, the highest level in four weeks, from 6.34 percent.

MBA Vice President and Deputy Chief Economist Joel Kan said, "Application activity over the week was lower, with potential homebuyers moving to the sidelines again, although there was a small increase in FHA purchase applications."

"Refinance applications decreased as borrowers remain sensitive to even small increases in rates at this level."

"The overall average loan size across both purchase and refinance applications dipped to its lowest level since August of this year, driven by another drop in the ARM share," the economist added.

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