MBA Mortgage & Rate Report Released

United States Of America – The MBA Mortgage Market Index in the United States increased 13% to 617.80 points in the week ended January 28th, owing to an 18.4% increase in the refinancing index and a 4% increase in the buy index.

The MBA Mortgage Refinance Index in the United States increased 18.4 percent to 2355.40 points in the final week of January, as consumers rushed to refinance their mortgages before interest rates increased even further once the Federal Reserve began raising the fed funds rate.

The average fixed 30-year mortgage rate in the United States increased for the sixth consecutive week to 3.78 percent in the final week of January 2022, up from 3.72 percent, and setting a new record high since March 2020, as Treasury rates remained rising.

Mortgage applications in the United States increased by 12 percent in the final week of January, the most since July last year and reversing a 7.1 percent decline the previous week.
Refinancing applications increased 18.4 percent as consumers scramble to refinance their mortgages before interest rates skyrocket once the Federal Reserve begins raising the fed funds rate.
Additionally, applications for home loans increased by 4%.
The average fixed 30-year mortgage rate jumped for the sixth consecutive week, rising to 3.78 percent from 3.72 percent, a new high not seen since March 2020, as Treasury yields stayed lofty.

“The average purchase loan size hit a new survey high once again at $441,100. Stubbornly low inventory levels and swift home-price growth continue to push average loan sizes higher”, MBA associate Vice President Joel Kan explained.

The MBA Mortgage Refinance Index in the United States increased 18.4 percent to 2355.40 points in the final week of January, as consumers rushed to refinance their mortgages before interest rates increased even further once the Federal Reserve began raising the fed funds rate.