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Economy in Brief

Mortgage Applications Increase in the Latest Week
by Kathleen Stephansen, CBE  August 3, 2022

• Purchase and refinancing applications rose in the week of July 29.

• Mortgage rates declined.

Mortgage applications increased 1.2% (-62.0% y/y) from one week earlier, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending July 29, following four consecutive weekly declines. Purchase applications rose 1.0% (-15.8% y/y) in the week ended July 29, after a 0.8% decline the prior week. Applications to refinance an existing mortgage loan rose 1.5% (-82.1% y/y), following a 3.7% decline in the week ended July 22.

The share of applications for refinancing an existing loan edged up slightly in the week ended July 29, to 30.8% from 30.7% in the previous week. The percentage of applications that were ARMs fell to 8.4% from 9.1% in the week ended July 22.

Applications for fixed-rate loans rose 1.9% (-63.9% y/y) in the week of July 29. Applications for adjustable-rate mortgages fell 5.8% (-6.4% y/y) following a 6.8% decline in the prior week.

The effective rate on a 30-year fixed-rate loan eased again to 5.62% from 5.92% in the week before and from 6.0% in the July 15 week. The rate on 15-year fixed-rate mortgages edged down to 4.90% from 5.11%. The rate on 30-year Jumbo loan dropped to 5.17% from 5.45%, while the rate on 5-year ARMs declined to 4.81% from 4.95% in the July 22 week.

The average loan size was up 1.0% at $370,800 in the week of July 29. The series high of $401,900 was reached in the week ended May 6. The average size of a purchase loan was up 0.6% to $413,000. The average refinancing loan size rose 2.4% to $275,800.

The Mortgage Bankers Survey covers 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts. The base period and value for all indexes is March 16, 1990=100.

These figures for weekly mortgage applications and interest rates are available in Haver's SURVEYS database.

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