A 15% rise in applications for adjustable-rate mortgages drove overall mortgage applications higher in the most recent weekly survey.
MBA states that the mortgage delinquency rate has fallen to the lowest rate since it started tracking this metric in 1979.
National Association of REALTORS® Chief Economist Lawrence Yun took issue with the increase, saying the central bank has created “a rare and very tight monetary policy condition.”
The mortgage industry decried the proposed loan-level pricing adjustment for borrowers with higher debt-to-income ratios.
Interest rates on mortgages of all types declined last week, spurring an uptick in borrowing, the Mortgage Bankers Association reported.
As affordability remains a concern, some buyers are purchasing mortgage points.
This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.
The Mortgage Bankers Association noted the increase in borrowing activity came despite the 30-year fixed mortgage rate climbing to its highest level since November 2022.
Mortgage insurance premiums on loans backed by the Federal Housing Administration will drop from 0.85% to 0.55% beginning March 20.
The former Keller Williams lending unit will operate alongside Mutual of Omaha Mortgage’s existing mortgage divisions.
The pace of mortgage applications fell 7.7% in the week ended Feb. 10, the Mortgage Bankers Association reported.
The 30-year fixed rate fell for the fifth week in a row, giving a lift to lending activity, the Mortgage Bankers Association said.
The 30-year fixed-rate inched to 6.42%, which is still close to the lowest rate in a month, the group said.
The pace of new single-family home sales, meanwhile, fell 6.1% from September to 598,000.
The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said.
A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate.