Lumber Market News Mortgage Applications Decline – Week Ending June 28, 2024 End Use
Posted on July 7, 2024
According to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey (WMAS), the market composite index, which measures mortgage application volumes for the week ending Friday, June 28, 2024, decreased 2.6% from the previous week on a seasonally adjusted basis. On an unadjusted basis, the index increased 8.0% from the previous week.
The refinance index fell 2.0% from the previous week but was up 29.0% compared to the same week a year ago.
The seasonally adjusted purchasing index decreased 3.0% compared to one week ago. The unadjusted purchasing index increased 7.0% compared to the previous week, but decreased 12.0% compared to the same week one year ago.
“Mortgage rates rose last week, surpassing the 7% mark, even as the latest inflation data maintained market expectations for a rate cut by the Fed this year,” said Mike Fratantoni, Ph.D., MBA senior vice president and chief economist. “Purchase applications declined in the last week of June, even as new and existing inventory has grown over the past few months. Refinance activity is also slow, although applications for conventional refinance loans increased slightly.”
FEA collects Wood Markets News from a variety of third-party sources to provide readers with the latest news affecting forest products markets. The opinions and views expressed in these articles do not necessarily reflect those of FEA.
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