{"id":28791,"date":"2023-06-28T17:14:46","date_gmt":"2023-06-28T21:14:46","guid":{"rendered":"https:\/\/ifintechworld.com\/mortgage\/mortgage-applications-rise-for-third-straight-week\/"},"modified":"2023-06-28T17:14:48","modified_gmt":"2023-06-28T21:14:48","slug":"mortgage-applications-rise-for-third-straight-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=28791","title":{"rendered":"Mortgage applications rise for third straight week"},"content":{"rendered":"<div><!----> <!----> <\/p>\n<div class=\"featured featured-video video-ct\">\n<div class=\"contain\">\n<div class=\"info\"><\/div>\n<\/div>\n<\/div>\n<p>Demand for home mortgages in the U.S. climbed again last week.<\/p>\n<p>The Mortgage Bankers Association (MBA) said Wednesday that mortgage loan application volume jumped 3% compared with the prior week, according to its seasonally adjusted index.<\/p>\n<p>The Purchase Index for the week ending June 23 also rose 3%, the MBA said.\u00a0<\/p>\n<p>&#8220;Purchase applications increased for the third consecutive week to the highest level of activity since early May but remained more than 20% lower than year ago levels,&#8221; MBA deputy chief economist Joel Kan said in a statement. &#8220;New home sales have been driving purchase activity in recent months as buyers look for options beyond the existing-home market.&#8221;<\/p>\n<p><strong>FED PAUSES INTEREST RATE HIKES, BUT HIGH MORTGAGE RATES COULD BE HERE TO STAY<\/strong><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>The Census Bureau and the Department of Housing and Urban Development reported Tuesday that the seasonally adjusted rate of new single-family home sales totaled 763,000 in May, representing a 12.2% increase from the prior month. It also estimated 428,000 new houses were on the market at the end of last month.\u00a0<\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/housing-3.jpg\" alt=\"US housing\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>Kan noted existing home sales &#8220;continued to be held back by a lack of for-sale inventory as many potential sellers are holding on to their lower-rate mortgages.&#8221;<\/p>\n<p>Overall, existing-home transactions saw a small increase, at 0.2%, between the months of April and May, with the seasonally adjusted annual rate coming in at 4.3 million, according to a recent report from the National Association of Realtors.<\/p>\n<p><strong><\/strong><\/p>\n<div class=\"inline image-ct\">\n<div class=\"m\"><picture><source media=\"(max-width: 767px)\" ><source media=\"(min-width: 768px) and (max-width: 1023px)\" ><source media=\"(min-width: 1024px) and (max-width: 1279px)\" ><source media=\"(min-width: 1280px)\" ><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/06\/Home-Sales-Mortgage-Rates.jpg\" alt=\"Massachusetts home for sale in 2020\"><\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n<p>The MBA survey also reported a 3% week-over-week rise and a 32% year-over-year drop for its Refinance Index in the week ending June 23. Of all mortgage application activity, refinancing comprised 27.2% during that period.\u00a0<\/p>\n<p>For 30-year fixed-rate mortgages &#8220;with conforming loan balances,&#8221; the contract interest rate averaged 6.75% for the week ending June 23, according to the MBA. It had been slightly lower, at 6.73%, the prior week.<\/p>\n<p><strong><\/strong><\/p>\n<p>The survey covers more than 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.foxbusiness.com\/economy\/mortgage-applications-rise-third-straight-week\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand for home mortgages in the U.S. climbed again last week. The Mortgage Bankers Association (MBA) said Wednesday that mortgage loan application volume jumped 3% compared with the prior week, according to its seasonally adjusted index. The Purchase Index for the week ending June 23 also rose 3%, the MBA said.\u00a0 &#8220;Purchase applications increased for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":28792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[246],"tags":[83],"class_list":["post-28791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage applications rise for third straight week | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Demand for home mortgages in the U.S. climbed again last week. 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