Rates Top 7%, Stifling Applications

Rates Top 7%, Stifling Applications

Rising rates sent mortgage applications spiraling last week, sidelining homebuyers and forcing refis to a standstill. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 10.6%, piling onto the week prior’s 2.3% dip. Adjusted purchase applications slipped by 10%, while the…

Rates Jump After Dour Inflation Data

Rates Jump After Dour Inflation Data

Tough inflation data led to mortgage rates increasing for a second straight week. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.77%, up from the week prior’s 6.64%. A year ago at this time, the 30-year FRM averaged 6.32%. The 15-year fixed jumped to 6.12% from 5.90%. A year ago, it…

Some Analysts Still Hawkish Ahead Of June FOMC Meeting
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Some Analysts Still Hawkish Ahead Of June FOMC Meeting

The Federal Open Market Committee’s June meeting is just around the corner, and while most experts think the Fed will pause its rate increases, others are wary. Most analysts expect the Central Bank not to introduce another rate hike at the meeting, scheduled for June 13-14, according to a poll of economists from Reuters. More…

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