Mortgage applications dipped last week as rates hit their highest level since November 2022. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 3.1%, adding to the week prior’s 3% decline. Adjusted purchase applications fell by 3%, while the unadjusted index…
Mortgage rates ticked down again, the second consecutive week of declines. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.69%, down from 6.71% the week prior. A year ago at this time, the 30-year FRM averaged 5.78%. The 15-year fixed-rate mortgage increased, however, up from 6.07% to 6.10%. A year ago, it…
Interest rates have dampened demand for mortgages, but some areas remain prime opportunities for lenders, according to a new study from TransUnion. The study, “Where Will Growth In Mortgage Originations Come From?,” analyzed the credit-active U.S. population between Q2 2017 and Q1 2022. It flagged consumers with a variety of traits, such as VA eligibility…
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