Mortgage rates hit an 18-month low as new inflation data solidified a quarter-point rate cut at the next FOMC meeting. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.20%, down 15 bps from the week prior. This is its lowest point since February 2023. A year ago at this time, the…
Mortgage applications continued their ascent last week as purchase activity ticked up, but refinances may be hitting their ceiling. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 1.4%, close to the week prior’s 1.6%. This week’s results include an…
After a lackluster spring and summer, some analysts say October may be the best time to buy a home in 2024. Realtor.com’s Best Time to Buy Report, its sixth annual analysis of the national marketplace, puts the week of September 29 to October 5 as the premier time to invest in a home this year….
American consumers are confident that mortgage rates will go down in the coming year but not so sure that will help them buy a home. New data from Fannie Mae found that consumer sentiment is split regarding the finer details of homebuying. Nearly 40% of respondents to the GSE’s Home Purchase Sentiment Index said they…
For-sale inventory hit its highest level since May 2020 as buyers shy away from the market despite rising affordability. That’s according to the Realtor.com August Housing Trends Report, which found inventory soaring and list prices cooling across the U.S. The number of homes actively for sale grew by 35.8% last month. The biggest inventory changes…
Mortgage rates held steady last week as markets awaited the release of the highly anticipated August jobs report. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.35%, the same as last week. A year ago at this time, the 30-year FRM averaged 7.12%. The 15-year fell from 5.51% to 5.47%. A…
Mortgage applications rose again last week as government purchase activity made up for retreating refinances. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 1.6%, slightly better than the week prior’s 0.5%. Adjusted purchase applications rose by 3%, while the…
Down payments are getting bigger as home prices inflate and buyers strive to lower their monthly payments while competing with cash offers. The typical homebuyer put down 18.6% of the purchase price, new Redfin data showed, totaling more than $67,000 and up from 15% last year. Almost three in five buyers put down at least…
Mortgage rates slipped more than 10 basis points last week as the market anticipates a rate cut from the Central Bank in the coming weeks. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.35%, plunging from the week prior’s 6.46%. A year ago at this time, the 30-year FRM averaged 7.18%….
Pending home sales slipped last month, overriding a surprise June uptick. NAR’s Pending Home Sales Index fell by 5.5% month-over-month to a reading of 70.2 in July, its lowest level on record. An index of 100 is equal to the level of contract activity in 2001, when NAR began tracking this data. Year-over-year, sales were…
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