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Mortgage Demand Declines Amidst Rising Interest Rates
Dated: June 5 2023
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The latest report from the Mortgage Bankers Association's Weekly Applications Survey showed a noticeable increase in average mortgage rates during the previous week. Notably, rates experienced an upward trend for various types of loans, including 30-year fixed-rate loans with conforming and jumbo balances, loans supported by the Federal Housing Administration, and 15-year fixed-rate loans. Mike Fratantoni, the senior vice president and chief economist of the MBA, pointed out that this rate surge resulted in a decline in the demand for mortgage applications. Fratantoni elaborated, "Last week, both purchase and refinance loan application volumes decreased due to these elevated rates. While the rate levels primarily influence the demand for refinancing, the purchase volume continues to face limitations due to the scarcity of available homes in the market."
The demand for loans intended for home purchases decreased by 3 percent compared to the previous week, and it now stands 31 percent lower than the corresponding period last year. On the other hand, refinance activity experienced a 7 percent decline on a week-to-week basis. It is worth noting that the MBA has been conducting its comprehensive weekly survey since 1990, encompassing a substantial 75 percent of all retail residential mortgage applications.
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