Rising rates stifle mortgage application volume

REO brokerage acquired by Quaint Oak Bank

Total mortgage application volume rose 0.6% on a seasonally adjusted basis from the previous week. Volume was nearly 14 percent lower compared with the same week one year ago, according to the Mortgage Bankers Association, when lower interest rates sparked a refinance boom.

Higher interest rates cut refinance mortgage application volume and reduced overall activity even as the purchase index reached a nine-year high, according to the Mortgage Bankers Association. The MBA’s Weekly Mortgage Applications Survey for the week ending April 12 found that total volume fell 3.5% as the refinance index decreased 8% from the previous week.

The adjustable-rate mortgage share of activity decreased to 5.4% of total applications after seeing recent gains on the heels of rising rates. Now that rates are leveling out, ARM applications are.

The latest mortgage application data represents a drop in volume of 15% compared to the same time a year ago. The largest fall in activity came from refinances with refinance volume falling 3%.

Fiserv acquires LOS vendor PCLender Fiserv Inc. said Tuesday it has purchased the assets of PCLender LLC, an internet-based mortgage software and mortgage lending technology company in Reno, Nev.. Brookfield-based Fiserv, a provider.

Mortgage lenders in the US saw an increase in loan applications last week as interest rates slipped below 5 per cent for the first time in nearly three months. The average interest rate for 30.

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9 Questions to Ask Your Mortgage Lender! Purchase Volume Takes a Hit, Responding to Rising Interest Rates – Purchase Volume Takes a Hit, Responding to Rising Interest rates apr 24 2019, 5:20AM Rising interest rates continued to take a toll on mortgage applications during the week ended April 19.

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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The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 26.

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Mortgage Applications Tank As Interest Rates Soar | Silver. –  · Weekly mortgage application fell a whopping 7.1% as the cost of borrowing money surged. Interest rates are climbing higher making debts more expensive, so naturally, fewer people can now afford to buy homes. Rising interest rates appear to be the main culprit behind the tanking of new mortgage applications.