MBA Mortgage Applications inch higher amid wider drop in mortgage rates

Aug. 03, 2022 7:15 AM ETBy: Khyathi Dalal, SA News Editor
  • MBA Mortgage Applications
  • Composite Index: 1.2% vs. -1.8% prior
  • Purchase Index: 1% vs. -0.8% prior
  • Refinance Index: 1.5% vs. -3.7% prior
  • 30-year mortgage rate at 5.43% vs. 5.74% in prior week
  • "Mortgage rates declined last week following another announcement of tighter monetary policy from the Federal Reserve, with the likelihood of more rate hikes to come. Treasury yields dropped as a result, as investors continue to expect a weaker macroeconomic environment in the coming months," MBA's AVP economic and industry forecasting Joel Kan commented.
  • According to the NAHB’s Housing Trends Report, after declining for five straight quarters, the share of buyers seeing more homes available for sale rose to 28% in Q2.
  • Share of prospective buyers who expect the home search to get easier in the months ahead rose, increased to 22%, first time since 2020.

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