Sign Of The Times! Mortgage Purchase Demand (Applications) DOWN -2% Since Last Week, DOWN -11% Since Last Year (VA Mortgages Prepaying The Fastest)

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It’s a sign of the times under Bidenomics!

Mortgage applications increased 1.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 17, 2024.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.1 percent compared with the previous week.  The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 11 percent lower than the same week one year ago.

The 30-year fixed mortgage rate declined for the third straight week, dropping to 7.01 percent – the lowest level in seven weeks. Thus, the Refinance Index increased 7 percent from the previous week and was 21 percent higher than the same week one year ago.

VA-insured mortgages prepay the fastest, followed by FHA-insured mortgages then conventional mortgages.

I know a place where the housing market is hot! Florida and Texas!

Published by confoundedinterest17

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