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Rising rates stifle mortgage application volume

The share of adjustable-rate mortgage (ARM) activity remained unchanged at 4.1 percent of total applications while the average contract rate for 5/1 ARMs returned to May 2016 levels. rising to its.

Total mortgage application volume increased 2.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. volume was 8% higher compared with the same week one year ago. purchase applications drove the gains, rising 4% for the week and 5% annually.

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Meanwhile, rising rates caused mortgage applications to retreat again this week. According to the latest data from the Mortgage Bankers Association, the market composite index – a measure of total.

Weekly mortgage applications drop 3.2%, hit by tanking stocks and rising rates. Mortgage application volume fell 3.2 percent last week compared with the previous week, according to the Mortgage.

Volume was 16 percent lower than a year ago. Rising interest rates are now clearly taking their toll on potential homebuyers. Total mortgage application volume fell 4 percent last week from a week earlier and plunged 16 percent from a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index.

Mortgage interest rates jumped again last week, causing mortgage application volume to fall 6.6% on a seasonally. and lose the low rate they already have. Home equity line volume has been rising.

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Volume was 11 percent lower than a year ago, when mortgage rates were 42 basis points lower. The drop in mortgage rates over the past two months has given new life to the refinance market.

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Total mortgage application volume fell 2.6 percent last week as rates moved higher. Rising interest rates cause a 2.6% pullback in weekly mortgage applications Home

The adjustable-rate mortgage share of activity rose to 7.4% of total applications. The Federal Housing Administration ‘s share of mortgage apps increased from last week’s 10.2% to 10.3%.

"Rising rates continue to create volatility in weekly mortgage applications activity. The 10-year Treasury hit 2.5% last week and our survey’s 30-year fixed rate of 4.22% is at its highest.

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How to Shop the Current Mortgage Refinance Rates. While interest rates have inched up since one year ago, refinance rates are still quite low and likely will not go above 5% in 2018, according to many experts. The refinance mortgage rates today remain historically-low and the consumer demand for affordable housing remains high.