Existing home sales rebounded unexpectedly last month, surprising analysts as buyers took advantage of cooling rates and rising inventory. Sales increased 4.2% to a seasonally adjusted annual rate of 4.26 million, according to the National Association of Realtors. They were down 1.2% from the year prior, however. The South and West registered growth, while the…
Mortgage applications reversed an upward streak as a jump in rates hurt refinance activity. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — dropped by 6.2%, flipping from the week prior’s 11.2% jump. The dip coincides with mortgage rate increases. The 30-year…
After a weeks-long downward trend, mortgage rates stopped in their tracks, inching up just barely. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.65%, up slightly from the week prior’s 6.63%. This is the first increase in seven weeks. A year ago at this time, the 30-year fixed-rate mortgage averaged 6.74%….
Mortgage applications increased for a second week as rates sank to 6.67%. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — jumped by 11.2%, adding to the week prior’s 20.4% drop. Adjusted purchase applications were up 7%, while the unadjusted index increased…
Mortgage rates sank more than 10 bps last week, but buyers are souring on the housing market as they’re battered by economic uncertainty and unaffordability. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.63%, down from the week prior’s 6.76%. This is their lowest point since September 2024 and the seventh…
Late May is the best time to maximize profits on a home sale as shoppers buckle down for a purchase before summer vacation. A new Zillow analysis found that homes listed in the last two weeks of May sold for 1.6% more. That puts $5,600 more bucks in a typical seller’s pocket. Historically, shoppers buckle…
Mortgage applications finally benefited from cooling rates as dour economic outlooks translated to greater affordability. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — jumped by 20.4%, reversing the week prior’s 1.2% drop. Adjusted purchase applications were up 9%, while the unadjusted…
Mortgage rates dropped nearly 10 bps to their lowest level in months. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.76%, down from the week prior’s 6.85%. This is its lowest level so far in 2025 and the sixth week of declines. A year ago at this time, the 30-year fixed-rate…
Pending sales sank to their lowest level on record due to high rates and severe weather. NAR’s Pending Home Sales Index decreased 4.6% from December to a reading of 70.6. An index of 100 equals the level of contract activity in 2001 when NAR began tracking this data. The decrease is much larger than expected…
After a surprise bump in December, new home sales took a turn last month thanks to persistent unaffordability and winter weather. New home sales slipped 10.5% on the month to a seasonally adjusted annual rate of 657,000, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. Sales fell…
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