New home sales rose in August to a seasonally adjusted annual rate of 685,000, up 28.8% from July’s revised rate but down 0.1% YOY, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development. The seasonally‐adjusted estimate of new houses for sale at the end of August was 461,000,…
Mortgage loan application volume increased by 3.8% last week, breaking a multi-week pattern of steep declines, despite rates rising to their highest point since October 2008. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index, a measure of mortgage loan application volume, rose by 3.8%. The results include an adjustment for…
Homebuilding plummeted in July as both homebuyers and sellers continue to lose confidence in the market. Housing starts fell by a shocking 9.6% to a seasonally adjusted annual rate of 1.446 million units last month, according to new data released by the Commerce Department. This is their lowest rate since February 2021 and significantly below…
Mortgage rates rose from an average of 5.51% to 5.54% last week, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5.54%. A year ago at this time, the 30-year FRM averaged 2.78%. “The housing market remains sluggish as mortgage rates inch up for a second…
Mortgage loan application volume tumbled again, falling by 6.3% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 6.3%. The adjusted purchase index dropped 7%, while the unadjusted purchase index increased by 16% and was 19% lower YOY. The refinance…
By KIMBERLEY HAAS As the spring selling season begins, people in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market that has favored sellers and forced up the price of housing in many parts of the country….
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