Mortgage demand was down 2.7% to end the year, according to the latest data from the Mortgage Bankers Association…(MBA)
- REFI: The refinance index was down 2% for the week and was down 40% when compared to the same time one year ago.
- PURCHASE: The purchase index was down 4% for the week and was down 12% when compared to the same time one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said optimist remains in the market despite a slow December.
- “The purchase market also finished the year on a slower note, with the final week coming in at the weakest since October 2021. Even though average loan sizes were lower, home-price appreciation remains at very high levels.”
Mortgage rates saw a slightly higher climb for the week ending December 31st…
- 30-YR FIXED: The average contract rate was up 6 basis points to 3.33% which is the highest since April 2021 and it is 25 basis points higher than the same time one year ago.
- 15-YR FIXED: The average contract rate was unchanged at 2.60% which is still 20 basis points higher than the same time one year ago.