How did the winter storm affect mortgage applications?

The severe winter storm caused potential buyers to stay home, leading to a significant decrease in total mortgage application volume.

What was the average interest rate for 30-year fixed mortgages?

The average interest rate for 30-year fixed-rate mortgages decreased slightly to 6.21% in the week following the storm.

How do current refinance applications compare to last year?

Despite a weekly decrease, refinance applications were 117% higher than the same week one year ago.

Home / Business and Economy / Winter Storm Halts Mortgage Market Activity

Winter Storm Halts Mortgage Market Activity

4 Feb

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Summary

Mortgage application volume saw an 8.9% decrease last week.
30-year fixed mortgage rates slightly declined to 6.21%.
Refinance applications remain significantly higher than last year.

Winter Storm Halts Mortgage Market Activity

Harsh winter weather that swept across the country over the recent holiday weekend had a significant dampening effect on the mortgage market in the preceding week. Potential homebuyers largely stayed home, contributing to a substantial decline in mortgage application volume.

Specifically, total mortgage application volume fell by 8.9% compared to the week prior, with adjustments made for the Martin Luther King Jr. Holiday. The average interest rate for a 30-year fixed-rate mortgage dipped slightly to 6.21%.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.