Mortgage applications fell as the most recent jobs report painted the economy in a stronger light, pushing 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 — shrank by 5.1%, adding to the week prior’s 1.3% dip. Adjusted…
Americans are slowly warming up to the housing market as rates cool, though affordability is still out of reach for many. That’s according to Fannie Mae’s Home Purchase Sentiment Index, which increased 1.8 points in September to a reading of 73.9, its highest level in more than two years. Though Americans generally see homebuying in…
Mortgage rates changed course, increasing last week as expectations for Central Bank rate cuts change. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.12%, up from 6.08% the week prior. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.49%. Fifteen-year loans also rose, up nearly 10 bps to…
September was a turning point for demand, as cooling rates sent refinances soaring and cautious potential buyers stepped out of the shadows. Mortgage lock volume increased 3.17% month-over-month, according to a new analysis from Mortgage Capital Trading. “This data signals a potential shift in strategy for loan officers, who are increasingly targeting borrowers looking to…
Mortgage rates ticked up last week as economic data revealed a still-growing economy, forcing applications down slightly. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — shrank by 1.3%, reversing from the week prior’s 11% jump. Mortgage rates increased marginally to 6.14%…
Only 25 out of every 1,000 homes changed hands in the first eight months of 2024, the lowest turnover in decades, according to a new report. A Redfin analysis using turnover as a measure of housing availability found that existing home sales were similar in the early-mid 1990s, but there were fewer homes overall, meaning…
Mortgage rates reached a multi-year low, though they barely budged from the week prior. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.08%, down slightly from 6.09% the week prior. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.31%. Fifteen-year loans saw a slight increase, however, up to…
Pending home sales ticked up in August, reversing a downturn. NAR’s Pending Home Sales Index increased by 0.6% month-over-month to a reading of 70.6, recovering somewhat after falling to its lowest level on record in July. An index of 100 is equal to the level of contract activity in 2001, when NAR began tracking this…
New home sales remained sluggish in August before confidence in an FOMC rate cut led to cooling rates. That’s according to data from the U.S. Census Bureau and the Department of Housing and Urban Development, which reported sales ticking down by 4.7% to a seasonally adjusted annual rate of 716,000 in August, down from the month…
Mortgage applications soared to a two-year high, driven by the ongoing refinance boom. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — jumped by 11%. Adjusted purchase applications rose by 1%, while the unadjusted index increased by 0.4% and was 2% higher…
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