MBA: Mortgage applications rise in latest weekly survey  MABA Massachusetts RealEstate FirstTimeHomeBuyers

 Mortgage applications posted a three point two percent weekly increase in the week ended December 9, 2022 after a month of declines, the Mortgage Bankers Association said, citing its Weekly Mortgage Applications Survey. The average contract interest rate for conforming thirty year mortgages of $647,200 or less rose to six point forty two percent from six point forty one percent the week before, while the rate for thirty year fixed-rate mortgages backed by the FHA increased to six point forty percent from six point thirty nine percent.

 At the same time, MBA’s refinance index rose three percent from the week before, as the refinance share of mortgage activity rose to twenty nine point four percent of mortgage applications from twenty eight point seven pecent in the preceding week. The average contract interest rate for thirty year fixed-rate mortgages with jumbo loan balances of more than $647,200 rose to six point four teen percent from six point eight percent, and the average contract interest rate for a fifteen year fixed-rate mortgage increased to five point ninety two percent from five point eighty four percent.

 “Overall applications increased, driven by increases in purchase and refinance activity,” MBA Vice President and Deputy Chief Economist Joel Kan said in a news release. “However, with rates more than three percentage points higher than a year ago, both purchase and refinance applications are still well behind last year’s pace. The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months.”

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