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Housing Market: US: Difference between revisions
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== Morgage Purchase Index == | == Morgage Purchase Index == | ||
The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts. Base period and value for all indexes is March 16, 1990=100. | |||
[[File:Screenshot 2023-09-06 122734.png|center|thumb|651x651px|https://tradingeconomics.com/united-states/mba-purchase-index]] | |||
=== August 2023 === | |||
The Market Composite Index, a measure of mortgage loan application volume, decreased 2.9 percent on a seasonally adjusted basis from one week earlier.<ref>https://www.mba.org/news-and-research/newsroom/news/2023/09/06/mortgage-applications-decrease-in-latest-mba-weekly-survey</ref> | |||
* The MBA Purchase Index in the United States decreased 2.1% to 141.90 points in the week ended September 1st 2023, the lowest since 1995.And was 28 percent lower than the same week one year ago. | |||
* The Refinance Index decreased 5 percent from the previous week and was 30 percent lower than the same week one year ago. | |||
“Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates. Both purchase and refinance applications fell, with the purchase index hitting a 28-year low, as prospective buyers remain on the sidelines due to low housing inventory and elevated mortgage rates,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The 30-year fixed mortgage rate decreased to 7.21 percent last week, but rates remained more than a full percentage point higher than a year ago, despite mixed data on the health of the economy and signs of a cooling job market. The refinance index dropped to its lowest level since January 2023, driven by a 6 percent decline in conventional refinances.” | |||
== Rent Developments == | == Rent Developments == | ||