RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
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
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

Amid Rising Rates, Mortgage Applications Resumed Uptick This Week

Home Agents
By RISMedia Staff
June 15, 2022
Reading Time: 2 mins read
Amid Rising Rates, Mortgage Applications Resumed Uptick This Week

Mortgage applications increased 6.6% from one week earlier, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association’s (MBA) for the week ending June 10, 2022. Last week’s results are compared to the prior week, which included an adjustment for the Memorial Day holiday.

  • The Market Composite Index, a measure of mortgage loan application volume, increased 6.6% on a seasonally adjusted basis from one week earlier.
  • On an unadjusted basis, the Index increased 17% compared with the previous week.
  • The Refinance Index increased 4% from the previous week and was 76% lower than the same week one year ago.
  • The seasonally adjusted Purchase Index increased 8% from one week earlier.
  • The unadjusted Purchase Index increased 18% compared with the previous week and was 16% lower than the same week one year ago.
  • The refinance share of mortgage activity decreased to 31.7% of total applications from 32.2% the previous week.
  • The adjustable-rate mortgage (ARM) share of activity decreased to 8.1% of total applications.
  • The FHA share of total applications increased to 11.8% from 11.3% the week prior.
  • The VA share of total applications increased to 11.7% from 11.4% the week prior.
  • The USDA share of total applications increased to 0.6 % from 0.5 % the week prior.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.65% from 5.40%, with points increasing to 0.71 from 0.60 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $647,200) increased to 5.25% from 4.99%, with points increasing to 0.54 from 0.44 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 5.36% from 5.30%, with points increasing to 1.00 from 0.79 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 15-year fixed-rate mortgages increased to 4.79% from 4.62%, with points increasing to 0.80 from 0.65 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 5/1 ARMs increased to 4.57% from 4.51%, with points increasing to 0.8 from 0.68 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.

The takeaway:

“Mortgage rates increased for all loan types, with the 30-year fixed rate last week jumping 25 basis points to 5.65 %—the highest level since 2008. Mortgage rates followed Treasury yields up in response to higher-than-expected inflation and anticipation that the Federal Reserve will need to raise rates at a faster pace,” said Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting. “Despite the increase in rates, application activity rebounded following the Memorial Day holiday week but remained 0.29 % below pre-holiday levels. With mortgage rates well above 5%, refinance activity continues to run more than 70% lower than last year.”

Added Kan, “Purchase applications were down more than 15% compared to last year, as ongoing inventory shortages and affordability challenges have cooled demand, coinciding with the rapid jump in mortgage rates.”

Tags: Associate Vice President of Economic and Industry ForecastingJoel KanMBAMortgage Bankers AssociationWeekly Mortgage Applications Survey
ShareTweetShare

RISMedia Staff

Related Posts

Headliners Week of 6/19 – 6/25
Headliners

Headliners Week of 6/19 – 6/25

June 24, 2022
Harvard ‘State of Housing’ Charts Path Forward
Agents

Harvard ‘State of Housing’ Charts Path Forward

June 24, 2022
New Home Sales Unexpectedly Rise Sharply in May
Agents

New Home Sales Unexpectedly Rise Sharply in May

June 24, 2022
Are You Plugged Into Everything Impacting Your Business?
Agents

Are You Plugged Into Everything Impacting Your Business?

June 24, 2022
eXp World Holdings Shareholders Elect Monica Weakley to the Board of Directors
Agents

eXp World Holdings Shareholders Elect Monica Weakley to the Board of Directors

June 24, 2022
Berkshire Hathaway HomeServices Florida Network Realty Hosts Top Producers’ Party
Agents

Berkshire Hathaway HomeServices Florida Network Realty Hosts Top Producers’ Party

June 24, 2022

Leave a Reply Cancel reply

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

Tip of the Day

4 Ways to Get Ready for the Summer Market

From leveraging the sunshine in your networking to dropping FaceTime for actual face time with clients, here are a few... Read more.

Business Tip of the Day provided by
REGISTER NOW

Recent Posts

  • Headliners Week of 6/19 – 6/25
  • Harvard ‘State of Housing’ Charts Path Forward
  • New Home Sales Unexpectedly Rise Sharply in May

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

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • 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
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

RISMEDIA PREMIER CONTENT

INSIGHTS THAT ELEVATE YOUR VALUE

logo-rismedia-white
x