Purchase Market Healthy As 2019 Wraps Up
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were mostly flat last week from the week before. Only rates for 30-year fixed-rate loans with jumbo balances and loans backed by the Federal Housing Administration saw much movement, with each seeing slight increases. Despite flat rates, however,the refinance index fell 16 percent and brought overall demand down. Purchase activity, on the other hand, saw a 1 percent increase. Joel Kan, MBA's associate vice president of economic and industry forecasting, said the purchase market looks healthy as the year comes to a close. “The purchase market overall looks healthy as we enter the home stretch of 2019,” Kan said. “The seasonally adjusted purchase index was at its highest level since July, as a combination of wage gains, slower home-price appreciation, and slightly easing inventory conditions continue to support increased activity.” The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.