Mortgage lock volumes increased last month, but continued improvement depends on the economy moving into the spring buying season. Mortgage Capital Trading reported a 27.9% increase in mortgage lock volume month-over-month in February, following a typical seasonal pattern after December and January. MCT suggests that the trend looks good for the upcoming spring buying season,…
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…
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…
Mortgage rates fell last week as positive inflation data has Wall Street reevaluating their predictions for rate cuts. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.89%, down from the week prior’s 6.95%. A year ago at this time, the 30-year FRM averaged 6.96%. The 15-year was down to 6.17% from…
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…
Mortgage applications declined again last week as rates continued their upward march. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 2.3%, adding to last week’s 2.7% dip. Adjusted purchase applications slipped by 2%, while the unadjusted index was down…
Mortgage rates fell last week but remained in the high-6% range. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.79%, down from the week prior’s 6.87%. A year ago at this time, the 30-year FRM averaged 6.32%. The 15-year fixed rate also dropped from 6.21% to 6.11%. A year ago, it…
By KIMBERLEY HAAS In a move that was not surprising, members of the Federal Open Market Committee held the target range for the federal funds rate steady at 5.25% to 5.5% at their meeting this week. Inflation has eased over the past year but committee members do not believe it will be appropriate to reduce…
Mortgage rates remained basically unchanged last week as markets adjust to economic expectations for 2024. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.62%, inching up from the week prior’s 6.61%. A year ago at this time, the 30-year FRM averaged 6.48%. This is the first increase since October. Rates have…
The Fed’s preferred inflation measure soared to a four-month high in September, increasing the likelihood of future Fed rate hikes. The personal consumption expenditures price index tracks what Americans buy and for how much, offering a view into their spending habits. The core index, which excludes food and energy components, increased by 0.3% in September. …
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