The average mortgage rate declined for another week, giving buyers planning to finance a home this spring a little more bang for their buck.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.28%, down from 6.32% the week prior.
A year ago at this time, the 30-year FRM averaged 4.27%.
The 15-year fixed-rate mortgage increased, however, from 5.56% to 5.64%. A year ago, it averaged 3.91%.
“Mortgage rates continue to trend down entering the traditional spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.
Retreating rates aren’t enough to bring buyers priced out of the market back.
Mortgage application volume, which had ticked up when rates first began declining, is dropping again as buyers contend…
For the first time since at least 2008, independent mortgage banks and mortgage subsidiaries of chartered banks lost money every time they originated a loan.
The Mortgage Bankers Association’s Annual Mortgage Bankers Performance Report found that IMBs lost an average of $301 on each loan in 2022. This puts production profits down 15% YOY, a series low.
The decrease was driven by low loan origination volume coupled with skyrocketing expenses. Volume was down 20% YOY. At the same time, loan balances increased by 5%, the largest single-year increase in the data’s history, resulting in higher production costs.
“The stellar profits of the previous two years dissipated because of the confluence of declining volume, lower revenues, and higher costs per loan,”…
Mortgage applications reversed after a month of increases despite declining rates, a rocky start to the typically robust spring buying season.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 4.1%.
Adjusted purchase applications dropped by 4%, while the unadjusted index was down 3% from the week before and 35% lower YOY.
Mortgage rates fell slightly, with the average interest rate for 30-year fixed loans down from 6.45% to 6.40%. This is the lowest level in more than a month.
Jumbo rates increased, however, from 6.27% to 6.36%.
“While we have seen relative weakness at the high end of the housing market in recent months, the…
Mortgage applications increased for a fourth week, inching up as home price indicators show decelerating growth.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 2.9%, close to last week’s 3% increase.
Adjusted purchase applications increased by 2%, while the unadjusted index was up 2% from the week before and 35% lower YOY.
Mortgage rates fell slightly, with the average interest rate for 30-year fixed loans down from 6.48% to 6.45%. This is the lowest level in more than a month.
“While the 30-year fixed rate remained 1.65 percentage points higher than a year ago, homebuyers responded, leading to a fourth straight increase in purchase applications,”…
Delinquencies across the nation rose in February to 3.45% as economic pressures squeeze Americans, but remain down from last year, Black Knight reported.
Black Knight’s First Look at February 2023 data found that delinquent loans that are only a single payment behind overwhelmingly accounted for the increase. The 36,000 delinquency rise was driven by a 65,000 increase in first-time missed payments.
Delinquencies of 60 and 90 days both fell, down by 12,000 (-4%) and 17,000 (-3%) respectively.
Nearly all fifty states saw their serious delinquencies improve. On the other end, foreclosure starts also improved, breaking a streak of increases with a 9% dip. Starts remain almost 20% below pre-pandemic levels.
Active foreclosure inventory increased slightly and is up 15% from…
Mortgage applications increased for a third week as buyers take advantage of retreating rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 3%.
Mortgage rates fell for a second week as a wobbly banking sector pushed treasury yields down. The average interest rate for 30-year fixed loans fell from 6.71% to 6.48%. This is its lowest level in a month.
“Both purchase and refinance applications increased for the third week in a row as borrowers took the opportunity to act, even though overall application volume remains at relatively low levels,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
Adjusted purchase applications increased by…
Mortgage applications increased again last week while banking troubles forced rates down.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 6.5 %.
The average interest rate for 30-year fixed loans fell from 6.79% to 6.71%, giving borrowers brief respite from a month of increases.
Adjusted purchase applications increased by 7%, while the unadjusted index was up 8% from the week before and was 38% lower YOY. This is the second consecutive week of increased purchase demand.
“Treasury yields declined late last week, as market concerns over bank closures and the potential for broader ripple effects triggered a flight to safety in Treasury bonds. This decline…
Mortgage purchase demand increased last week but that doesn’t signal a change in the mortgage market.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 7.4%, balancing out last week’s 5.4% dip.
The average interest rate for 30-year fixed loans rose from 6.71% to 6.79%. Rates have jumped by 50 basis points just in the last month, driving applications down.
Adjusted purchase applications increased by 7%, while the unadjusted index was up 9% from the week before and was 42% lower YOY.
But MBA Vice President and Deputy Chief Economist noted that the bump was the result of purchase applications resettling after sinking in weeks prior,…
Mortgage purchase demand declined after seeing a boost last week, triggered by an increase in rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 7.7%, wiping out last week’s 7.4% increase.
The average interest rate for 30-year fixed loans rose to 6.39% from 6.28%. A year ago that rate was 4.05%.
Bad inflation news this week pushed rates higher. Inflation rose 0.5% in January, more than expected. Shelter costs accounted for roughly half of the month-over-month increase.
Retail sales also jumped in January, adding to the Fed’s big inflation headache as it tries to steer the economy to a 2% inflation rate.
“Mortgage rates increased…
As rates retreat and home price appreciation cools, homebuyers are getting more bang for their buck, analysts at Zillow report.
Rising mortgage rates in 2022 pushed many buyers’ dream homes out of reach. Those who opted to stay in the market found that the homes they could afford were smaller and more expensive.
More affordable metros were the most impacted, as buyers competed for homes in those markets. Hartford had the largest dip in home size for $3,000, down 1,200 square feet. Indianapolis and Cleveland also saw homebuyers lose over 1,000 feet.
More expensive markets like San Jose, Los Angeles, San Diego, and San Francisco saw a similar trend.
“Mortgage rates have a huge impact on the types of homes…
