The share of mortgage holders with rates of 5% or higher is now 24%, up from 10% two years ago, suggesting a refi tipping point could be on the horizon. Four million loans originated since 2022 have rates of 6.5% or higher, according to ICE Mortgage Technology’s Mortgage Monitor. An additional 1.9 million have rates greater…
The recent surge in home prices pushed U.S. homeowners’ tappable equity to a record $11 trillion. Prices were on a run in March, according to the ICE Home Price Index, up 1.2% and more than 25% above the 25-year average increase. This is the third straight month of above-average gains as stock shortages keep competition…
First-time homebuyers accounted for a record number of GSE purchase loans in 2023, while originations sunk to new lows, according to ICE’s latest Mortgage Monitor. They made up 55% of agency purchases last year, the highest share ever recorded by ICE in the ten years it has been tracking this metric. “The market in which…
The housing market may be impossible for the average American now, but hold on a while longer: it’s heading in the right direction. That’s ICE’s message, at least, with its latest Mortgage Monitor report, which revealed a mix of good and not-so-good data about the state of homebuying. Affordability is improving, for one, as rates…
Mortgage activity dipped in August as rates reached new highs and inventory remained low, according to Black Knight’s latest Mortgage Monitor report. The 30-year conforming soared above 7.25% last month, its highest level in more than 20 years, before cooling down to 7.07%. As a result, overall rate lock volumes sank for a third straight…
Home prices appear to have bucked their downward trend, rising almost everywhere in the U.S. in March. Black Knight’s latest Mortgage Monitor report found that home prices rose last month on both non-adjusted (+1.38%) and seasonally adjusted (+0.45%) bases. This is the third consecutive month of increases recorded by Black Knight, with 92% of markets…
Rate-lock volumes fell 21.5% in November despite 30-year rates dropping 48 bps over the course of the month, according to Optimal Blue’s Mortgage Market Indices from Black Knight. Rates are 3.3% higher YOY but have declined in recent weeks. But affordability struggle and continuing stock shortages have diminished buyer demand, pushing rate-locks down 39% in…
Home prices fell for a second consecutive month in August, with prices seeing the sharpest contractions in more than 13 years. Black Knight’s latest Mortgage Monitor Report showed huge price drops month-over-month and stalling inventory levels. Its Home Price Index saw prices decline 0.98%, with the median home price now 2% off its June peak….
The historically low delinquency rate dropped further in August, closing in on May 2022’s record low, but rising foreclosure starts may cause it to increase, according to Black Knight’s First Look at August 2022 mortgage data. Nationally, delinquencies dropped 3.6% in August to 2.79%. This is just four basis points above May’s record. Improvements were…
Home price growth saw the largest single-month slowdown on record since at least the 1970s in June, coinciding with a huge increase in inventory, according to Black Knight’s most recent Mortgage Monitor Report. Annual home price growth fell from 19.3% to 17.3% between May and June. “For context, during the 2006 downturn the strongest single-month…
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