New mortgage applications for a home purchase declined last week 7.0 percent from the prior week, according to a report just released by the Mortgage Banker’s Association (MBA). The MBA’s Market Composite Index, which is how they track the volume of loan applications, fell to it’s lowest level for home loans for a purchase since January 2016.
Interest rates decline as well…
While the number of loan applications declined, so did the interest rate on home mortgages, according to the MBA report:
- 30 year fix rate conventional mortgages decreased to 3.71 percent from 3.73 the week before,
- 30 year fixed rate jumbo loans (larger than $417,000) decreased to 3.71 percent from 3.72 percent the week before,
- FHA loans bucked the trend with interest rates increasing to 3.56 percent from 3.54 percent the week before,
- 5/1 ARMS decreased to 2.93 percent from 2.97 percent.
St Louis home sales increase 5 percent during the same period:
The tables below reflect St Louis home sales for the same one-week period, compared with prior week, as in the MBA’s report and illustrate that St Louis perhaps appears to be bucking the trend. St Louis saw an increase in home sales during the most recent week, which, theoretically, should translate into an increase in home mortgage applications, contrary to what we see in the MBA report on a national basis.
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St Louis (5-County Core Market) Home Sales & Prices 7 Day Period Ended October 21, 2016
Source: STLMarketCharts.com
St Louis (5-County Core Market) Home Sales & Prices 7 Day Period Ended October 14, 2016
Source: STLMarketCharts.com
