Lumber Market News Mortgage Applications Increased in Week Ended July 12
Posted on July 17, 2024
According to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Application Survey for the week ending Friday, July 12, the Market Composite Index, a measure of mortgage application volume, increased 3.9% from the previous week on a seasonally adjusted basis. The unadjusted index increased 30.0% compared to the previous week.
The refinance index increased 15.0% from the previous week and increased 37.0% 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 22.0% compared to the previous week, but decreased 14.0% compared to the same week one year ago.
Commenting on this week's survey results, MBA Vice Dean and Associate Chief Economist Joel Kang said:
“Mortgage rates fell last week, as recent signs of slowing inflation and the growing likelihood of a rate cut by the Fed later this year pushed rates down. The 30-year fixed rate fell to 6.87%, the lowest rate since March 2024. Applications increased 4%, driven by a 15% increase in refinances, reaching the highest level since August 2022. Most of the increase was due to FHA and VA refinance applications, but these are likely recently originated loans at even higher rates than currently being offered. Despite last week's rate declines, purchase applications remain sluggish, down 14% compared to last year's pace.”
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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