Applications Flat At Rates Reach 6.73%

Applications Flat At Rates Reach 6.73%

Mortgage applications remained mostly flat last week as rates rose again ahead of the election. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — shrank by just 0.1%, slowing from the week prior’s 6.7% decline and remaining close to its lowest level…

FICO Unveils New Credit Analysis Tool

FICO Unveils New Credit Analysis Tool

FICO has unveiled a new credit analysis tool for mortgage professionals as it comes under scrutiny over potential price increases. The FICO Score Mortgage Simulator allows lenders to see potential impacts on a borrower’s credit score through various simulated changes in their report data. Changes like reduced credit card debt, paying off a loan, or…

Rates Jump 10 BPS From Last Week, Reaching 6.54%

Rates Jump 10 BPS From Last Week, Reaching 6.54%

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…

Applications Spiral, Rates Don’t Budge

Applications Spiral, Rates Don’t Budge

Mortgage applications continued their downward spiral last week as rates scared some potential shoppers off. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — shrank by 6.7%, adding to the week prior’s 17% decline and clocking its lowest level since July. Both…

Rates Up For A Third Week, Nearing 6.5%

Rates Up For A Third Week, Nearing 6.5%

Mortgage rates increased again, putting multi-month lows in the rearview mirror for potential buyers. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.44%, up from 6.32% the week prior. This is the third consecutive week of increases as economic data points to a strong economy. Pre-priced-in drops that came after the…

Rising Rates Demolish Refi Demand

Rising Rates Demolish Refi Demand

Mortgage applications descended again as rising rates drove potential refinance borrowers away from the market. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — shrank by 17%, adding to the week prior’s 5.1% dip. Both adjusted and unadjusted purchase applications fell by…

Rates Jump To 6.32%

Rates Jump To 6.32%

Mortgage rates surged for a second week as the economy showed continued strength. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.32%, up from 6.12% the week prior. This is the largest one-week increase since April. Freddie Mac Chief Economist Sam Khater attributed it to the “stronger-than-expected” September jobs report. Consumer…

Applications Down As Jobs Report Sends Rates Higher

Applications Down As Jobs Report Sends Rates Higher

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…

Rates Up As Central Bank Expectations Change

Rates Up As Central Bank Expectations Change

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…

Early 2024 Saw Fewest Existing Home Sales In Decades

Early 2024 Saw Fewest Existing Home Sales In Decades

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…

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