Mortgage Demand Cools But Remains Resilient
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Mortgage demand cooled last week, according to the Mortgage Bankers Association on Wednesday.
The MBA’s Market Composite Index, which tracks overall mortgage application volume, slipped 4.7% from the prior week, with an unadjusted drop of about 5%. Refinance activity fell 8% for the week, while the purchase index fell 1%.
Still, the broader annual trend remains somewhat resilient. On an unadjusted basis, purchase applications are up 14% year-over-year, and refinance volume remains elevated compared to a month ago. The MBA noted shifts in market mix, too: the adjustable-rate mortgage (ARM) share ticked up to 9.5% of total activity (from 8.4% the prior week); 5/1 ARM rates are averaging nearly a full percentage point below 30‑year fixed rates.
“With mortgage rates on fixed‑rate loans little changed last week, refinance application activity generally declined," Mike Fratantoni said. "Purchase activity declined by about 1 percent for the week but continues to show moderate growth on an annual basis, and stronger growth for FHA loans, favored by first‑time homebuyers.”
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_cools_but_remains_resilient/23945.
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