MBA: Mortgage applications rebound on lower rates MABA Massachusetts RealEstate FirstTimeHomeBuyers

 Mortgage applications rose for the first time in two months last week as the thirty year fixed rate saw its largest single-week decline since July. Home-loan applications rose two point seven percent on a seasonally adjusted, weekly basis during the week ended Nov. 11, 2022 according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

“Mortgage rates decreased last week as signs of slower inflation pushed Treasury yields lower,” MBA Vice President and Deputy Chief Economist Joel Kan said in a press release. “Application activity, adjusted to account for the Veterans Day holiday, increased in response to the drop in rates driven by a four percent rise in home-purchase applications. Purchase applications increased for all loan types, and the average purchase loan dipped to its smallest amount since January 2021.”

 The average contract interest rate for conforming thirty year mortgages of $647,200 or less plunged to six point ninety percent from seven point fourteen percent, while the rate for thirty year fixed-rate mortgages backed by the FHA increased to six point ninety three percent from six point eighty six percent. The average contract interest rate for thirty year fixed-rate mortgages with jumbo loan balances of more than $647,200 rose to six point fifty one percent from sic point fifty percent, and the average contract interest rate for a fifteen year fixed-rate mortgage fell to six point twenty seven percent from six point forty percent.
 

 Refinancing activity remained muted, as there is little incentive for homeowners to refinance in the current rate environment, Kan said. The MBA’s refinance index was down two percent from the previous week and eighty eight percent from the same week last year. The refinance share of mortgage activity decreased to twenty seven point six percent of total applications from twenty eight point one percent the previous week.

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