Mortgage Functions Improve in Newest MBA Weekly Survey

by Calculated Threat on 4/09/2025 07:00:00 AM

From the MBA: Mortgage Functions Improve in Newest MBA Weekly Survey

Mortgage functions elevated 20.0 p.c from one
week earlier, in accordance with information from the Mortgage Bankers Affiliation’s (MBA) Weekly Mortgage
Functions Survey for the week ending April 4, 2025.

The Market Composite Index, a measure of mortgage mortgage utility quantity, elevated 20.0 p.c on
a seasonally adjusted foundation from one week earlier. On an unadjusted foundation, the Index elevated 20
p.c in contrast with the earlier week. The Refinance Index elevated 35 p.c from the earlier
week and was 93 p.c greater than the identical week one yr in the past. The seasonally adjusted Buy
Index elevated 9 p.c from one week earlier. The unadjusted Buy Index elevated 10 p.c
in contrast with the earlier week and was 24 p.c greater than the identical week one yr in the past.

“Mortgage functions elevated by 20 p.c to its highest stage since September 2024, pushed by
buy and refinance functions selecting up in a risky week the place financial uncertainty prompted
charges to drop throughout the board. The 30-year fastened mortgage fee was 6.61 p.c, the bottom fee since
October 2024,” mentioned Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Each homebuyers and
refinance debtors have been fast to reap the benefits of this dip in charges, driving the acquisition index 24
p.c greater than a yr in the past to the strongest tempo since January 2024. Refinance functions rose by
35 p.c to the best stage in six months, as debtors with bigger mortgage sizes are typically extra
delicate to fee modifications. The typical refinance mortgage measurement jumped to its second highest within the survey at
$399,600.”
…
The typical contract rate of interest for 30-year fixed-rate mortgages with conforming mortgage balances
($806,500 or much less) decreased to six.61 p.c from 6.70 p.c, with factors growing to 0.63 from 0.62
(together with the origination price) for 80 p.c loan-to-value ratio (LTV) loans.
emphasis added

Click on on graph for bigger picture.

The primary graph reveals the MBA mortgage buy index.

In response to the MBA, buy exercise is up 24% year-over-year unadjusted. 

Pink is a four-week common (blue is weekly).  

Buy utility exercise is up about 38% from the lows in late October 2023 and is 14% above the bottom ranges throughout the housing bust.  

by Calculated Threat on 4/09/2025 07:00:00 AM

From the MBA: Mortgage Functions Improve in Newest MBA Weekly Survey

Mortgage functions elevated 20.0 p.c from one
week earlier, in accordance with information from the Mortgage Bankers Affiliation’s (MBA) Weekly Mortgage
Functions Survey for the week ending April 4, 2025.

The Market Composite Index, a measure of mortgage mortgage utility quantity, elevated 20.0 p.c on
a seasonally adjusted foundation from one week earlier. On an unadjusted foundation, the Index elevated 20
p.c in contrast with the earlier week. The Refinance Index elevated 35 p.c from the earlier
week and was 93 p.c greater than the identical week one yr in the past. The seasonally adjusted Buy
Index elevated 9 p.c from one week earlier. The unadjusted Buy Index elevated 10 p.c
in contrast with the earlier week and was 24 p.c greater than the identical week one yr in the past.

“Mortgage functions elevated by 20 p.c to its highest stage since September 2024, pushed by
buy and refinance functions selecting up in a risky week the place financial uncertainty prompted
charges to drop throughout the board. The 30-year fastened mortgage fee was 6.61 p.c, the bottom fee since
October 2024,” mentioned Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Each homebuyers and
refinance debtors have been fast to reap the benefits of this dip in charges, driving the acquisition index 24
p.c greater than a yr in the past to the strongest tempo since January 2024. Refinance functions rose by
35 p.c to the best stage in six months, as debtors with bigger mortgage sizes are typically extra
delicate to fee modifications. The typical refinance mortgage measurement jumped to its second highest within the survey at
$399,600.”
…
The typical contract rate of interest for 30-year fixed-rate mortgages with conforming mortgage balances
($806,500 or much less) decreased to six.61 p.c from 6.70 p.c, with factors growing to 0.63 from 0.62
(together with the origination price) for 80 p.c loan-to-value ratio (LTV) loans.
emphasis added

Click on on graph for bigger picture.

The primary graph reveals the MBA mortgage buy index.

In response to the MBA, buy exercise is up 24% year-over-year unadjusted. 

Pink is a four-week common (blue is weekly).  

Buy utility exercise is up about 38% from the lows in late October 2023 and is 14% above the bottom ranges throughout the housing bust.