MBA: Uptick in mortgage rates slows purchase application growth

Driven by a wave of FHA loans, applications for mortgages to purchase a home reached their highest level since May recently-but they still trail the 2010 application rate by more than 34 percent.

Despite favorable mortgage rates and high homebuyer demand, mortgage applications are still falling, reports CNBC.Total application volume was down 6.2 percent in one week, and the Mortgage Bankers Association’s (MBA) seasonally adjusted application index is down 17 percent compared to the same week last year, says the report.

Prior to the first quarter, the U.S. homeownership rate had grown for eight consecutive quarters on a year-over-year basis. The flat change was due primarily to a strong uptick in new renter households, although growth among owner households continues to strongly outpace renters.

Mortgage rates are falling fast, but not enough to offset high home prices.. mba: economic uncertainty slows purchase application growth.. The Mortgage Bankers Association reports applications to refinance a mortgage last week were up almost 33% from a year ago. (Thinkstock) WTOP.

Overall mortgage application volume was down 5.6 percent week-over-week, according to the latest index data from the Mortgage Bankers Association. Meanwhile, refinance volume helped boost overall volume 24 percent annually.

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MBA Forecasts Originations Through 2019. Fannie Mae forecasts the total for this year at $1.79 trillion, declining to 1.72 trillion next year. MBA, which released its forecast on Tuesday in conjunction with its annual convention and expo, anticipates that purchase mortgage originations will grow by 7.3 percent, to a total of $1.2 trillion.

Greg McBride, chief financial analyst at, is one who predicts higher rates. "The Fed is confident about the economy and the expectations of faster growth, and an uptick in inflation will.

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After increasing 20% in May, applications for mortgages for new home purchases surged again in June, rising 17.9% month-over-month and 14% compared with June 2018, according to the Mortgage Bankers Association (MBA) Builder Application Survey (BAS). "Ongoing concerns about economic growth and trade policy likely kept some potential buyers out of the market despite lower mortgage rates.

Home prices are expected to increase to 5.4% in 2018, with the growth rate slowing slightly to 4.6% in 2019 and even further to 2.9% in 2020.

Mortgage applications in the United States dropped 1.9 percent in the week ended July 19th 2019, following a 1.1 percent fall in the previous week, data from the Mortgage Bankers Association showed. Refinance applications decreased 2.1 percent and applications to purchase a home declined 1.6 percent.