Mortgage Application Volume, Tiny Increase in Purchase Activity Ends 5-Week Slump

September 14, 2022 By: Lexi Malen

This is a very good article to help deepen the understanding of what is happening in the mortgage industry and to mortgage companies.  Over the next 9-15 months it will be a tough go for many mortgage companies.  We will see some mortgage companies fail, loan originators leave the business, and operations staff be laid off.  It is the boom vs bust cycle that has always existed in the mortgage industry and it is important to look for a quality and stable mortgage company if you are looking to buy a home.  Gem Home Loans will be here for you through it all.

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Article: Mortgage Application Volume, Tiny Increase in Purchase Activity Ends 5-Week Slump

Source: www.mortgagenewsdaily.com

Article Highlights

• Only a slight uptick in purchase mortgage applications kept all last week’s volume indicators from falling for the fifth straight time. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 1.2 percent on a seasonally adjusted basis during the week ended September 9.
• Loan sizes continued to trend lower. The average loan declined from $367,600 to $365,700. Purchase loan size slid from $411,300 to $405,000.

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