S&P 500
7,582.20
+0.03%
Dow Jones
51,018.80
+0.58%
Nasdaq 100
30,344.40
+0.25%
Russell 2000
2,916.31
-0.54%
FTSE 100
10,378.60
-0.32%
Nikkei 225
66,231.90
+0.67%

Housing

Mortgage Loan Rates Moderate, Lending Up

Photo of Paul Ausick
By Paul Ausick Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Invalid Image
The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a rise of 1.3% in the group’s seasonally adjusted composite index following a decline of 2.5% for the previous week. Mortgage loan rates decreased across the board last week.

The seasonally adjusted purchase index decreased by 0.4% from the last report. On an unadjusted basis, the composite index rose 0.3% week-over-week. The unadjusted purchase index decreased by 3% for the week, but is up about 6% year-over-year.

The MBA’s refinance index rose 2% after dropping 5% in the previous week.

The share of refinancings rose from 60% to 61%. Adjustable rate mortgage loans account for 7% of all applications.

The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.8% to 4.73%. The rate for a jumbo 30-year fixed-rate mortgage fell from 4.78% to 4.71%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.84% to 3.75%.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.5% to 3.49%.

Mortgage interest rates remain near two-year highs and the decline in refinancings has been halted, at least for one week.

Purchase applications remain higher than they were a year ago and that is the best news out of the reports for the past few weeks. The modest increase in refinancings does not signal anything in particular.

DISCLOSURE:
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org). Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth’s advisory operations, services, and fees is set forth in SoFi Wealth’s current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov. Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 30 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees. Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org). There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event. Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options  Investing in an Initial Public Offering (IPO) involves substantial risk, including the risk of loss. Further, there are a variety of risk factors to consider when investing in an IPO, including but not limited to, unproven management, significant debt, and lack of operating history. For a comprehensive discussion of these risks please refer to SoFi Securities’ IPO Risk Disclosure Statement This should not be considered a recommendation to participate in IPOs and investors should carefully read the offering prospectus to determine whether an offering is consistent with their investment objectives, risk tolerance, and financial situation. New offerings generally have high demand and there are a limited number of shares available for distribution to participants. Many customers may not be allocated shares and share allocations may be significantly smaller than the shares requested in the customer’s initial offer (Indication of Interest). For more information on the allocation process please visit IPO Allocation.
Follow 24/7 Wall St. on Google
Photo of Paul Ausick
About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

Continue Reading

Paul Ausick |

Mortgage Loan Rates Climb Again, Refinancing Stalls

ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decline of 13.5% in…

Paul Ausick |

Mortgage Interest Rates Continue to Decline

ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 0.2% in…

Paul Ausick |

Holiday, Shopping Pressure Mortgage Applications

ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a decline of 0.9% in…

Paul Ausick |

Mortgage Loan Applications Sinking on Higher Loan Rates

ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 11.5% in…

Paul Ausick |

Refinancing Slides as Mortgage Rates Continue to Rise

ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 1.2% in…

Paul Ausick |

Mortgage Interest Rates Rising Again

Mortgage loan rates rose across the board again last week, contributing to the downturn in mortgage applications. Borrowers remain sensitive…

Paul Ausick |

Mortgage Loan Rates Stifling Applications

ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications this morning, noting a drop of 4.6% in…

Paul Ausick |

Mortgage Loan Rates Dip, Boosting Applications

ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting an increase of 1.3% in…

Paul Ausick |

Refinancing Tumbles as Mortgage Rates Start Rising

ThinkstockThe Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 3.5% in…

Top Gaining Stocks

Dell Technologies
DELL • Vol: 42,366,555
NetApp
NTAP • Vol: 15,911,807
ServiceNow
NOW • Vol: 68,243,561
IBM
IBM • Vol: 28,527,546
Hewlett Packard Enterprise
HPE • Vol: 86,996,387

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Clorox
CLX • Vol: 4,744,001
ResMed
RMD • Vol: 3,526,686
Intel
INTC • Vol: 191,680,425
Skyworks Solutions
SWKS • Vol: 5,407,806