Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
721,576-14142
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.95%0.00
MortgageOrigination

Mortgage applications tick down amid elevated mortgage rates: MBA

For the week ending Oct. 27, applications for adjustable-rate mortgages jumped 10% as mortgage rates surged

Mortgage applications fell for the third week in a row as mortgage rates surged toward 8%.

For the week ending Oct. 27, total home loan applications fell 2.1% compared to the week prior, according to weekly mortgage application data from the Mortgage Bankers Association (MBA).

“The impact of higher rates continued to be felt across both purchase and refinance markets,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement.

He noted that purchase applications decreased 2% from the week prior and 22% from the same week a year ago, falling to their lowest level since 1995.

Meanwhile, refinance applications fell 4% from the previous week and 12% from the same time period in 2022, hitting their lowest level since January 2023.

Purchase applications for government-backed loans declined significantly more than conventional loans. Purchase applications for government loans fell by 3% and refi applications for those loans fell by 9% week over week. 

Kan added that “[adjustable-rate mortgage] loans increased almost 10% last week and continued to gain share, growing to 10.7% of all applications.”

The share of Federal Housing Administration (FHA) loan activity was 14.7%, down from 15.2% the week prior. The share of Department of Veterans Affairs (VA) loan activity was 10.1%, down from 10.5% while the share of Department of Agriculture (USDA) loan activity increased from 0.4% to 0.5% week over week.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please