MBA mortgage applications up 4.2%, rates highest level since 2008

Jun. 15, 2022 7:07 AM ETBy: Khyathi Dalal, SA News Editor4 Comments
  • MBA Mortgage Applications
  • Composite Index: +4.2% vs. +6.6% prior.
  • Purchase Index: +8% vs. +8.1% prior.
  • Purchase index bolstered in part by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s seasonally adjusted index.
  • Refinance Index: -3% vs. +3.7% prior.
  • 30-year mortgage rate at 5.98% compared to 5.65%.
  • Mortgage rates surged to the highest level since 2008, while making their biggest one-week jump last week in 13 years.
  • The refinance share of mortgage activity decreased to 29.7% of total applications from 31.7% the previous week.
  • Applications to refinance a home loan were 77% lower than the same week one year and Purchase applications were 10% lower than they were in the same week one year ago.
  • “Purchase applications increased for the second straight week – driven mainly by conventional applications – and the ARM share of applications jumped back to over 10%,” wrote Joel Kan, an MBA economist.

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