Lock-In Slowly Melting As More Buyers Accept Higher Rates

Lock-In Slowly Melting As More Buyers Accept Higher Rates

The rate lock-in effect is slowly melting away as homeowners find they can’t avoid near-7% rates. Across the country, 17.2% of homeowners have mortgage rates greater than or equal to 6%, the highest share since 2016, according to new data from Redfin. This is up almost 5% from 12.3% in Q3 2023. Redfin suggests this…

Refis Rise In Response To Rate Cooldown

Refis Rise In Response To Rate Cooldown

Mortgage applications saw a boost as rates fell on tech stock uncertainty and the FOMC’s decision to hold. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 2.2% last week, reversing the week prior’s 2% dip. Rates fell from 7.02%…

Rates Unchanged At 6.95%

Rates Unchanged At 6.95%

Mortgage rates stayed basically flat last week, hovering under 7%. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.95%, down from the week prior’s 6.96%. A year ago at this time, the 30-year fixed-rate mortgage averaged 6.63%. Fifteen-year rates also decreased to 6.12% from 6.16%. A year ago at this time,…

No Action Taken On Federal Funds Rate At FOMC Meeting

No Action Taken On Federal Funds Rate At FOMC Meeting

By PATRICK LAVERY Experts trying to predict the outcome of Super Bowl LIX have nothing on those watching the Federal Reserve Board, as hints and signposts leading up to this week’s meeting of the Federal Open Market Committee accurately pointed to the action taken Wednesday: no change in the target range for the federal funds…

Applications Fell After Trump’s Inauguration

Applications Fell After Trump’s Inauguration

Mortgage applications slipped in the wake of President Donald Trump’s inauguration. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — decreased by 2% last week after stagnating the week prior. The data includes an adjustment for the Martin Luther King holiday. Rates…

FOMC Meeting Will Be Watched Closely
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FOMC Meeting Will Be Watched Closely

By PATRICK LAVERY The inauguration of President Donald Trump to his second, non-consecutive term last Monday was quickly followed by a flurry of executive orders and policy redirection that the administration hopes will set the course for the United States for the next four years. But the first economic crisis of the new Trump presidency…

Rates Dip Back Below 7% On Inflation Data

Rates Dip Back Below 7% On Inflation Data

Mortgage rates dipped back below 7% after spiking the week prior, cooling on better-than-expected inflation data. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.96%, down from the week prior’s 7.04% and breaking a five-week upward streak. A year ago at this time, the 30-year fixed-rate mortgage averaged 6.69%. Fifteen-year rates…

Home Prices Up In Every Major Metro For The First Time Since 2022

Home Prices Up In Every Major Metro For The First Time Since 2022

For the first time since 2022, home prices are spiking in every one of the 50 largest U.S. metros. December brought a swell in home prices, pushing every metro tracked by Redfin over the edge. That’s up from 41 metros in December 2023. Overall, prices increased 6.3% annually to a median of $427,670, the largest…

Trump Promised To Lower Housing Costs “By Half,” But That’s Unlikely

Trump Promised To Lower Housing Costs “By Half,” But That’s Unlikely

Donald Trump will be sworn in for a second time today, and the mortgage industry is anxiously waiting to see how homebuyers and sellers will respond to his administration. “We will eliminate regulations that drive up housing costs, with the goal of cutting the cost of a new home in half,” he said in a…

Buyers Hope To Benefit From Slow Winter Months

Buyers Hope To Benefit From Slow Winter Months

Though winter is usually a slow time in the mortgage industry, demand is on the rise this January as increased inventory keeps buyers in the market. Typically, cold winter temperatures keep potential buyers sidelined in the early months of the year. Plus, kids are still in school, making it a complicated moment to upend everything…

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