MBA: Mortgage applications decline further as refinances slide

Weekly mortgage refinance activity. there were more applications for smaller purchase loan sizes – a positive sign that first-time buyers are looking to enter the market. The MBA expects a further.

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"Mortgage applications decreased over the week, driven by a decline in refinances. With mortgage rates up for the second week in a row, it’s no surprise that refinancings slid 8 percent and average loan sizes dropped back closer to normal levels," said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.

In keeping with seasonal cycles, mortgage application volume fell 5.8% on an adjusted basis during the week ended Dec. 14, according to the mortgage bankers association’s (MBA) Weekly Applications Survey. Applications for refinances fell 2% while applications for purchases plummeted 7% compared with the previous week.

"Purchase applications decreased almost seven percent over the week and refinances decreased around two percent, led by a larger decline in government refinances compared to conventional refinances." Added Kan, "With rates continuing to slide lower, refinance borrowers with larger loan balances seemed more apt to take action.

It is sad to say, but the good news can’t last forever and the recent improvement in mortgage application. Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting noted that.

Mortgage Applications Decline for Sixth Consecutive Week May 30 2018, 5:59AM Although interest rates extended their decline for the second week, the level of mortgage activity failed to respond.

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Mortgage rates resumed their decline in the week. According to the MBA, market jitters over global economic growth drove.

“The MBA data no doubt reflects the sizable decline in mortgage rates that took place, so the surge in refinancing applications came as no surprise,” he said. “We were expecting borrowers to come out.

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causing the 30-year fixed mortgage rate to fall to 3.87%, its lowest level since November 2016," said Joel Kan, MBA’s.

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