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As rates moderate, mortgage ap...

REAL ESTATE

As rates moderate, mortgage applications in the US has witnessed steady rise

mortgage applications rise
The Silicon Review
07 December, 2023

A week ago, the seasonally adjusted Purchase Index dropped by 0.3 percent.

U.S. mortgage applications rose by 2.8% over the previous week, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending December 1, 2023. 2.8 percent higher on a seasonally adjusted basis from a week ago was the Market Composite Index, which measures the number of home loan applications. When compared to the prior week, the Index rose 43% on an unadjusted basis. The Refinance Index was 10% higher this week than it was a year ago and had risen 14% from the previous week. A week ago, the seasonally adjusted Purchase Index dropped by 0.3 percent. The unadjusted Purchase Index was 17 percent lower than the same week last year and rose by 35% from the previous week.

From 30.6 percent the week before, the refinance portion of mortgage activity rose to 34.7 percent of all applications. The percentage of applications for adjustable-rate mortgages (ARMs) fell to 7.4% of all applications. From 13.5 percent the week before, the FHA's portion of all applications rose to 15.0 percent. The VA's portion of all applicants rose from 12.6 percent to 12.8 percent in the previous week. The USDA's portion of all applications stayed at 0.5% from the previous week.