Mortgage applications fell 1.9% from one week earlier, according to the Mortgage Bankers Association’s weekly survey for the week ending September 3, 2021…(MBA)
- REFIS: The Refinance Index fell 3% from the previous week and was 4% lower than the same week one year ago.
- PURCHASES: The Purchase Index saw a smaller drop of 0.2% from one week earlier but was down a significant 18% when compared to the same week one year ago.
NOTE: The refinance share of mortgage activity remained unchanged at 66.8%.
Mortgage rates continue to hold steady highlighting the waning impact of low rates…
- 30-YR FIXED: The average contract interest rate was unchanged at 3.03%, and were down 4 basis points from the same time one year go.
- 15-YR FIXED: The average contract interest rate fell 2 basis points to 2.37% and was down 25 basis points from the same time one year ago.
Mike Fratantoni, MBA’s Senior Vice President and Chief Economist, said in a statement that improving economic conditions will mean higher rates going forward…
- “Economic data has sent mixed signals, with slower job growth but a further drop in the unemployment rate in August. We expect that further improvements will lead to a tapering of Fed MBS purchases by the end of the year, which should put some upward pressure on mortgage rates.”