Mortgage applications in the US fell by 3.7% in the week ended May 26th, 2023, data from the Mortgage Bankers Association data showed, depressed by higher interest rates and lack of inventory. The Mortgage Market Index is now at three-month lows. Applications to refinance a home loan which are most sensitive to rate changes sank 6.9%, and those to buy a home fell 2.5%. Meanwhile, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) jumped by 22bps to 6.91%, the highest level since early November. “While refinance demand is almost entirely driven by the level of rates, purchase volume continues to be constrained by the lack of homes on the market”, said Michael Fratantoni, MBA’s chief economist. source: Mortgage Bankers Association of America
Mortgage Applications in the United States averaged 0.58 percent from 1990 until 2023, reaching an all time high of 112.10 percent in November of 2008 and a record low of -40.50 percent in January of 1993. This page provides - United States MBA Mortgage Applications - actual values, historical data, forecast, chart, statistics, economic calendar and news. United States MBA Mortgage Applications - data, historical chart, forecasts and calendar of releases - was last updated on June of 2023.