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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. | 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- | [[File:Screenshot 2023-10-04 110737.png|alt=|center|thumb|684x684px|https://tradingeconomics.com/united-states/mba-purchase-index]] | ||
=== September 2023 === | |||
The Market Composite Index, a measure of mortgage loan application volume, decreased 6.0 percent on a seasonally adjusted basis from one week earlier. <ref>https://www.mba.org/news-and-research/newsroom/news/2023/10/04/mortgage-applications-decrease-in-latest-mba-weekly-survey</ref> | |||
* The MBA Purchase Index in the United States decreased 5.7% to 136.60 points in the week ended September 29th 2023, the lowest level since 1995. And was 22 percent lower than the same week one year ago. | |||
* The Refinance Index decreased 7 percent from the previous week and was 11 percent lower than the same week one year ago. | |||
* The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.53 percent from 7.41 percent, with points increasing to 0.80 from 0.71 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate increased from last week. | |||
“Mortgage rates continued to move higher last week as markets digested the recent upswing in Treasury yields. Rates for all mortgage products increased, with the 30-year fixed mortgage rate increasing for the fourth consecutive week to 7.53 percent – the highest rate since 2000,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “As a result, mortgage applications grounded to a halt, dropping to the lowest level since 1996. The purchase market slowed to the lowest level of activity since 1995, as the rapid rise in rates pushed an increasing number of potential homebuyers out of the market. ARM loan applications picked up over the week and the ARM share increased to 8 percent, as some borrowers searched for ways to lower their payments.” | |||
=== August 2023 === | === 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 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 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. | * The Refinance Index decreased 5 percent from the previous week and was 30 percent lower than the same week one year ago. | ||