The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, saw a month-over-month increase of 10.7% on a seasonally adjusted (SA) basis. Compared to last August, the index increased by 20.8%. While the Purchase Index declined by 2.9%, month-over-month, the Refinance Index jumped 30.8% as borrowers took advantage of the declining mortgage rates to refinance higher-rate loans. On a yearly basis, the Purchase Index is down by 8.6%, while the Refinance Index increased by 87.2%. The average monthly 30-year fixed mortgage rate has fallen for four straight months with August seeing the largest decrease of 40 basis points (bps), bringing the rate to 6.49%. The current rate is 73 bps lower than last August. The average loan size for the total market (including purchases and refinances) is up 3.6% from July to $380,800 on a non-seasonally adjusted (NSA) basis. Similarly, the month-over-month change for purchase loans increased 0.6% to an average size of $426,600, while refinance loans rose by 18.5% to an average of $325,800. The average loan size for an adjustable-rate mortgage (ARM) also saw a steep increase of 9.5% for the same period, from $1.01 million to $1.1 million. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, saw a slight month-over-month decline of 0.8% on a seasonally adjusted (SA) basis; compared to July 2023, the index increased by 0.5%. The Purchase Index declined by 4.8%, while the Refinance Index increased by 5.8%, month-over-month. On a yearly basis, the Purchase Index decreased by 13.9%, while the Refinance Index increased by 33.9%. Meanwhile, the average monthly 30-year fixed mortgage rate continued to decline for three straight months with July seeing the largest decrease of 10 basis points (bps) to land an at 6.88% in July. The current rate is also lower than last July by 6 bps. The average loan size for the total market (including purchases and refinances) is down by 1.5% from June to $367,900 on a non-seasonally adjusted (NSA) basis in July. Similarly, the month-over-month change for purchase loans decreased 1.6% to an average size of $424,200, while refinance loans increased by 2.5% to an average of $275,325. The average loan size for an adjustable-rate mortgage (ARM) decreased by 2.5% for the same period, from $1.03 million to $1.01 million. Discover more from Eye On Housing Subscribe to get the latest posts sent to your email.

The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, increased by 8.2% on a seasonally adjusted (SA) basis from May to June. In comparison to June 2023, the index isup by 1.0%. The Purchase and Refinance indices, over the month, are up by 4.1% and 14.3% (SA), respectively. On a yearly basis, the Purchase Index decreased by 10.8%; the Refinance Index, on the other hand, increased by 29.4%. The increase in mortgage activities brought about by a 9.8 basis points (bps) decline in the 30-year fixed mortgage rate, from an average rate of 7.08% in May to an average of 6.98% in June. However, compared to the same month last year, the mortgage rate for June is higher by 19.8 bps. The average loan size for the total market (including purchases and refinances) is down by2.0% from May to $373,500 on a non-seasonally adjusted (NSA) basis in June. Similarly, the month-over-month change for purchase loans decreased 1.7% to an average size of $431,000 (NSA), while refinance loans increased by 4% to an average of $268,500 (NSA). The average loan size for an adjustable-rate mortgage (ARM) increased by 2.9% for the same period, from $1 million to $1.03 million. Discover more from Eye On Housing Subscribe to get the latest posts to your email.