Total mortgage demand fell 2.4% from one week earlier, according to data from the Mortgage Bankers Association’s weekly survey for the week ending August 27, 2021… (MBA)
- REFIS: The Refinance Index fell 4% from the previous week but was 2% higher than the same week one year ago.
- PURCHASES: The Purchase Index increased 1% from one week earlier but was down 16% compared to the same week one year ago.
NOTE: The refinance share of mortgage activity fell to 66.8% of total applications from 67.3% the previous week.
Mortgage rates held steady for the w for the week ending August 27, 2021…
- 30-YR FIXED: The average contract interest rate was unchanged at 3.03% which is down 5 basis points from the same time one year ago.
- 15-YR FIXED: The average contract interest rate for 15-year fixed-rate mortgages increased one basis point to 2.39% which is down 28 basis points from the same time one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said purchases are still the bright spot in mortgage activity…
- “Even with a slight increase, purchase activity hit its highest level since early July, as applications for conventional and government loans increased. Home purchase activity continues to be dominated by higher price tiers of the market, with the purchase average loan size now at $396,500, the highest average in five weeks.