bee Calculated Risk On 3/12/2025 07:00 AM AM
From the MBA: Mortgage applications increase in latest mba weekly survey
Mortgage applications increased 11.2 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the Week Ending March 7, 2025.
The Market Composite Index, A Measure of Mortgage Loan Application Volume, increased 11.2 per cent on a seasonally Adjusted base from one week earlier. On an unadjusted base, the index increased 12 percent compared with the previous week. The Refinance Index increased 16 percent from the previous week and was 90 percent higher than the same week one year ago. The seasonally Adjusted Purchase Index increased 7 percent from one week earlier. The Unadjusted Purchase Index Increased 8 Percent Compared With The Previous Week And Was 4 Percent higher than the same week one year ago.
“Mortgage Rates Declined for the Sixth Conseecutive Week, with the 30-year fixed rate dropping to 6.67 percent, the lowest level since October 2024. As a result, applications increased over the week and were up 31 percent from a year. Economist. Additionally, average loan sizes were higher, with the purchase loan amount hitting $ 460,800, the highest in the survey dating back to 1990. ”
…
The Average Contract Interest Rate for 30-Year Fixed-Rate Mortgages with Conforming Loan Balances ($ 806,500 or less) decreased to 6.67 percent from 6.73 percent, with points increasing to 0.63 from 0.60 (including the Origination Fee) for 80 percent Loan- (Ltv) loans.
Emphasis added
Click on graph for larger image.
The first graph shows the MBA Mortgage Purchase Index.
According to the MBA, Purchase Activity is up 4% year-over-year unadjusted.
Red is a four-week average (Blue is Weekly).
Purchase Application Activity is up about 23% from the lows in late October 2023 and is only 2% above the lowest levels during the housing bust.
The refinance index increased sharply again this week but remains very low.