Having ticked up 2 percent last week, mortgage loan application volume across the U.S. has since dropped 11 percent on both an absolute and seasonally adjusted basis, according to data from the Mortgage Bankers Association, with a 12 percent drop in applications to purchase a home.

As such, purchase mortgage activity was down 15 percent on a year-over-year basis last week with a 76 percent drop in applications to refinance.  At the same time, while the share of Adjustable Rate Mortgage (ARM) loan applications inched down from 11.0 to 10.3 percent over the past week it has still nearly tripled over the past three months with the benchmark 30-year mortgage rate having hit a 670-week high and poised to climb.

Comments from Plugged-In Readers

  1. Posted by social

    If a home is purchased in all cash, is it still considered a “mortgage purchase?” I’ve been reading stories of investment firms like Goldman Sachs buying up entire neighborhoods.

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