Mortgage rates went down last week but remain in the high 6%’s. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.81%, down slightly from the week prior’s 6.83%. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.17%. Fifteen-year rates declined more significantly, clocking in at 5.94%, down from…
Existing home sales reversed a surprise February rebound in March, reverting to a downward trend in line with Americans’ economic insecurities. Sales slipped by 5.9% to a seasonally adjusted annual rate of 4.02 million, wiping out the month prior’s 4.2% increase, according to the National Association of Realtors. They were down 2.4% from the year…
New home sales surged in March, led by a push in the South, as Americans scrambled to lock in relatively low rates. New home sales jumped 7.4% on the month to a seasonally adjusted annual rate of 724,000, up from 674,000 the month prior, according to data from the U.S. Census Bureau and the Department…
Mortgage demand sank as ongoing economic uncertainties pushed rates to a multi-month high. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 12.7%, adding to the week prior’s 8.5% slump. Adjusted purchase applications were down 7% while the unadjusted index…
Home sellers are trying to seal the deal with buyers through concessions rather than lower sale prices. Just under half (44.4%) of home sales in Q1 2025 included concessions given to buyers by sellers, according to a new analysis from Redfin. That’s an increase from 39.3% at the same time a year earlier, but still…
Mortgage rates jumped by 20 bps last week but remained under 7%. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.83%, up significantly from the week prior’s 6.62%. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.1%. Fifteen-year rates also soared, clocking in at 6.03%, up from 5.82%….
Residential construction dipped in March as homebuilders digested the immediate impacts of new tariffs. Housing starts slipped 11.4% from February to a 1.49 million annual pace, though they were up 1.9% YOY, according to new data from the U.S. Census Bureau. The monthly drop was larger than expected by economists surveyed by Bloomberg. Starts represent…
Mortgage demand shrank last week, reversing an upswing caused by economic confusion in the wake of President Trump’s tariffs. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 8.5%, cooling from the week prior’s 20% jump. Buyer demand exploded as…
Though most lenders offer digital closings, very few have been able to utilize the technology completely and want to work toward greater adoption this year. That’s according to Snapdocs’ 2025 State of eClose Adoption Report, which collected third-party insights from 100 mortgage lending institutions. The report found that 90% of these lenders offer digital closings,…
Mortgage rates went down last week, though their future remains uncertain. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.62%, down slightly from the week prior’s 6.64%. A year ago at this time, the 30-year fixed-rate mortgage averaged 6.88%. Fifteen-year rates remained unchanged at 5.82%. Last year, they were at 6.16%. “The…
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