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Overall Mortgage Applications Down, With Refi Share on Weeks-Long Decline

Home Industry News
By RISMedia Staff
October 20, 2021
Reading Time: 1 min read
Overall Mortgage Applications Down, With Refi Share on Weeks-Long Decline

Mortgage applications decreased 6.3% for the week ending Oct. 15, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Key takeaways:

– The Market Composite Index, a measure of mortgage loan application volume, decreased 6.3% on a seasonally adjusted basis from the previous week
– Unadjusted, the index decreased 6% compared with the previous week
– The Refinance Index decreased 7% from the previous week—22% lower YoY
– The seasonally adjusted Purchase Index decreased 5% from the previous week
– The unadjusted Purchase Index decreased 5% compared with the previous week

The takeaway:

Refi applications continue to dip as mortgage rates increase, with the share down 63.3% of total applications.

“Refinance applications declined for the fourth week as rates increased, bringing the refinance index to its lowest level since July 2021. The 30-year fixed rate has increased 20 basis points over the past month and reached 3.23% last week—the highest since April 2021. The 15-year fixed rate increased to 2.54%, which is the highest since July,” said Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting, in a statement. “Purchase activity declined and was 12% lower than a year ago, within the annual comparison range that it has been over the past six weeks. Insufficient housing supply and elevated home-price growth continue to limit options for would-be buyers.”

Tags: Industry NewsLendingMortgage ApplicationsMortgage Bankers AssociationReal Estate Housing Marketreal estate newsRefinance
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