Recharged Inflation To Harm Housing Affordability

Recharged Inflation To Harm Housing Affordability

Last week’s inflation data surprised many analysts, and if the trend keeps up, housing affordability will take a toll. Consumer prices were up 0.5% in January, its highest rate since June 2024. Experts had expected to see no change on the month. Producer prices also unexpectedly rose by 0.4%. “The long national nightmare of inflation…

Rates Jump 10 BPS From Last Week, Reaching 6.54%

Rates Jump 10 BPS From Last Week, Reaching 6.54%

Mortgage rates jumped again last week due to a strong economy and less certainty around cuts from the Central Bank. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.54%, up from 6.44% the week prior. This is the fourth consecutive week of increases. Pre-priced-in drops that came after the Fed’s historic…

Rates Move Back Up Over 7%

Rates Move Back Up Over 7%

Homebuyers only enjoyed one week of sub-7% rates before the 30-year mortgage moved above that mark again. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.03%, up from the week prior’s 6.94%. A year ago at this time, the 30-year FRM averaged 6.79%. The 15-year also rose from 6.24% to 6.36%….

Rates Cool For Second Week

Rates Cool For Second Week

Average mortgage rates declined for a second week as inflation moderated in the Fed’s preferred inflation indicator. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.02%, down from the week prior’s 7.09%. A year ago at this time, the 30-year FRM averaged 6.39%. The 15-year also fell, down from last week’s…

Rates Fall 11 BPS, Applications Rally
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Rates Fall 11 BPS, Applications Rally

Mortgage applications rallied last week as a slowing jobs market and positive indications from the Central Bank led to rates plummeting.  The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 2.6%, reversing last week’s 2.3% dip. Adjusted purchase applications increased…

Inflation Climbed In March But Showed Signs Of Cooling

Inflation Climbed In March But Showed Signs Of Cooling

Inflation continued its upward march last month but showed signs of cooling, according to new data from the Bureau of Labor Statistics. The Consumer Price Index rose 5% YOY in March, down from 6% in February. Month-over-month, inflation was up 0.1% on a seasonally adjusted basis, compared to 0.4% in February. The core index, which…

Rates Move Closer To 7% After Bleak Powell Comments

Rates Move Closer To 7% After Bleak Powell Comments

Mortgage rates moved closer to 7% after bleak news from Federal Reserve Chair Jerome Powell this week. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.73%, up from 6.65% the week prior. A year ago at this time, the 30-year FRM averaged 3.85%. The 15-year fixed-rate mortgage rose from 5.89%…

Loan Apps Continue Downward Spiral

Loan Apps Continue Downward Spiral

Mortgage loan application volume fell another 2% last week, according to the Mortgage Bankers Association’s weekly survey. Interest rates rose to 6.81%, their highest point since 2006. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 2%. The adjusted purchase index fell 2%, while the unadjusted purchase index decreased 2%…

Rates Exceed 6%, Applications Tumble
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Rates Exceed 6%, Applications Tumble

Mortgage loan application volume fell last week as mortgage rates topped 6% for the first time since 2008, nearly doubling year over year. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. The adjusted purchase index rose 0.2%, while the unadjusted…

Rate Cuts Could Come This Year If Fed Can’t Get Inflation Under Control, Analysts Suggest
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Rate Cuts Could Come This Year If Fed Can’t Get Inflation Under Control, Analysts Suggest

With the July Federal Open Markets Committee meeting fast approaching, speculation about another substantial rate hike is running rampant. After June’s historic 0.75 percentage point interest rate hike, the third hike this year and the largest since 1994, analysts are watching the Fed closely. Recession fears are rapidly growing, with 70% of economists expecting it…

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