Mortgage applications in the US were up 2% in the week ended May 6th, a second consecutive increase, and despite a rise in borrowing costs as the spring housing market enters its historically busiest time. Applications to purchase a home surged 4.5% while those to refinance a mortgage loan fell 2%. The average contract rate on a 30-year fixed-rate mortgage jumped by 17bps to 5.53%, the highest since 2009. “Despite a slow start to this year’s spring home buying season, prospective buyers are showing some resiliency to higher rates. Purchase activity has now increased for two straight weeks and more borrowers continue to utilize adjustable-rate mortgages (ARMs) to combat higher rates. The share of ARMs increased to 11% of overall loans and to 19% by dollar volume”, said Joel Kan, an MBA economist. source: Mortgage Bankers Association of America
Mortgage Applications in the United States averaged 0.63 percent from 1990 until 2022, reaching an all time high of 112.10 percent in November of 2008 and a record low of -40.50 percent in January of 1993. This page provides - United States MBA Mortgage Applications - actual values, historical data, forecast, chart, statistics, economic calendar and news. United States MBA Mortgage Applications - data, historical chart, forecasts and calendar of releases - was last updated on May of 2022.
Mortgage Applications in the United States is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United States MBA Mortgage Applications is projected to trend around 0.60 percent in 2023, according to our econometric models.