Mortgage applications down 2.3% led by drop in purchases

With mortgage rates at their lowest level since September 2017, overall applications were up 26.8% with applications to purchase up 10%. Refinance applications were up an eye-popping 47% for the week. Consumer Price Index (CPI) Prices on the consumer side were up 0.1% in May.

Contract closings declined 2.3% month over month to a 5.57 million annual rate (the forecast was 5.65 million), after a revised 5.7 million the prior month. The median sales price rose 6% year over year to $244,800.

Mortgage application volume increased 2.3% on an adjusted basis during the week ended March 8, as the average rate for a 30-year fixed-rate mortgage fell to 4.64%, down from 4.67% the previous week, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.

However, with annual consumer price inflation averaging 2.9 per cent in the same six-month period, BM Solutions calculated landlords were provided with a real return of 2.3 per cent on their.

It’s been a weak time for mortgage applications despite news last week from MBA that new home purchases were up 17% in March. Here’s what happened. Mortgage applications down 2.3% led by drop.

Overall mortgage. market has led to increased availability and lower pricing of jumbo loans over the past few years," said Joel Kan, an MBA economist. There may be a strong appetite for larger.

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What these numbers reveal, is that the average US consumer can barely afford to take out a new mortgage at a time when rates continued to rise – if not that much higher from recent all time lows. It also means that if the Fed is truly intent in engineering a parallel shift in the curve of 2-3%, the US can kiss its domestic housing market goodbye.

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Meanwhile, car imports were down 2.3% to $30.9 billion as consumer goods fell by the same amount to come in at $54.2 billion. Finally, there was a 1.1% drop in food imports at $12.8 billion. Jobless Claims

Mortgage applications surge as rates drop. which are most rate-sensitive, led the surge, jumping a remarkable 47% week to week and 97% annually.. Mortgage applications to purchase a home.

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Rates were down by 35 basis points from last year’s 3.83%. The average fee held steady at 0.4 points. According to Freddie Mac, while the drop in mortgage rates hit. The MBA added that, while.