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Sunday, October 24, 2021

US Mortgage Applications Rise 5.1%, Rates Set New Record Low 3.19%

#mortgage #rates #home #loans

For the 2nd wk running, US mortgage rates hit new lows.

Demand for mortgages rose as home-loan interest rates continued to fall to new record lows.

Total mortgage application volume rose 5.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The refinance index increased 12% from the prior week and was 107% higher than the same wk 1 yr ago.

Mortgage rates continued their downward trend, with the 30-year fixed rate falling 7 basis points to 3.19% – another record low in MBA’s survey and 63 basis points lower than the recent high in late March. The drop in rates led to a jump in refinance activity to the highest level in a month, with refinance loan balances also climbing to a high last seen in March,” said MBA’s Associate Vice President of Economic and Industry Forecasting.

Purchase applications fell over the week but remained 15% higher than a year ago – the 8th consecutive week of year-over-year increases. Purchase activity remains relatively strong, despite the continued economic uncertainty and high unemployment caused by the ongoing pandemic.

The refinance share of mortgage activity increased to 64.2% of total applications from 60.1% the prior week.

Have a healthy day, Keep the Faith!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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