RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Reports
  • Events
  • Power Broker
  • Newsmakers
  • More
    • Publications
    • Education
No Result
View All Result
RISMedia
No Result
View All Result

Mortgage Applications Decrease as Rates Rise

Home Industry News
By RISMedia Staff
September 29, 2021
Reading Time: 1 min read
Mortgage Applications Decrease as Rates Rise

Mortgage applications decreased 1.1% WoW for the week ending Sept. 24.

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, the Market Composite Index, a measure of mortgage loan application volume, decreased 1.1% on a seasonally adjusted basis from the previous week.

The details:

  • Unadjusted, the index decreased 1% compared with the previous week.
  • The refinance index decreased 1% from the previous week and was 0.4% higher than the same week last year.
  • The seasonally adjusted Purchase Index decreased 1% from one week earlier.
  • The unadjusted Purchase Index decreased 2% compared with the previous week and was 12% lower than the same week last year.

The takeaway:

“Increased optimism about the strength of the economy pushed Treasury yields higher following last week’s FOMC meeting. Mortgage rates in response rose across all loan types, with the benchmark 30-year fixed rate reaching its highest level since early July 2021,” said Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting. “The increase in rates—mostly later in the week—led to a decrease in both purchase and refinance applications, with a prominent decline in government loan applications. Conventional loan applications increased, driven by a rise in conventional refinances. This was perhaps a sign that some borrowers reacted to higher rates and decided to refinance.”

Added Kan, “With home-price appreciation continuing to run hot, increasing more than 19% annually in July, applications for larger loan amounts continue to outpace lower-balance loans. The average loan size for a purchase application reached $410,000, its highest level since May 2021.”

Tags: Housing MarketIndustry NewsMortgage ApplicationsMortgage Bankers AssociationReal Estatereal estate news
ShareTweetShare
Brit Owen

Brit Owen

Brit Owen is RISMedia’s Email Marketing Specialist where she collaborates with the editorial team to create email campaigns, as well as analyzes campaign data to understand performance. Before RISMedia, Brit worked as a digital marketer for the cybersecurity, healthcare, sports and entertainment, aviation and IT industries. She earned her degree in Communications with a minor in Marketing from Central Connecticut State University. FUN FACT: Brit has been an avid athlete, playing softball, tennis, dancing, wakeboarding and skysking. In 2012, she tried out for the Boston Celtic’s dance team.

Related Posts

Deadline Extended to Nominate a 2023 Rookie of the Year
Agents

Deadline Extended to Nominate a 2023 Rookie of the Year

June 6, 2023
Cash Rules, New Study Finds
Agents

Cash Rules, New Study Finds

June 6, 2023
Mortgage Originations Fall to 20-Year Low
Agents

Mortgage Originations Fall to 20-Year Low

June 6, 2023
Team Tactics: 5 Reasons Why You Should Host Virtual Open Houses
Agents

Team Tactics: 5 Reasons Why You Should Host Virtual Open Houses

June 6, 2023
4 Steps New Real Estate Agents Can Take Right Now to Succeed
Agents

4 Steps New Real Estate Agents Can Take Right Now to Succeed

June 6, 2023
Women in Real Estate: Building a Successful Partnership
Agents

Women in Real Estate: Building a Successful Partnership

June 5, 2023

Leave a Reply Cancel reply

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

Tip of the Day

Three Tips for Closing More Real Estate Sales in a Shifting Market

If you’re a team leader, it’s imperative that you set your agents up to be successful, so that they can reach their own goals, as well as those of the overall team. Your newer agents will need to learn the basics they never really have used while... Read More.

Business Tip of the Day provided by

Recent Posts

  • How Ceiling Fans Can Reduce Your Utility Costs
  • How Ceiling Fans Can Reduce Your Utility Costs
  • Why You Might Have to Pay More in Property Taxes Than Your Home’s Previous Owner Did

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kit Email Whitelist Terms & Policies ACE Marketing Technologies LLC

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • Reports
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2023 Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2023 Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2023 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

X