Mortgage rates descended another 10 bps last week, but the future of affordability remains uncertain. Officials at Freddie Mac reported that the 30-year fixed-rate mortgage averaged 6.67%, falling from 6.77% ahead of the holiday weekend. A year ago, they averaged 6.95%. Fifteen-year rates declined to 5.80% from 5.89%, and are down from 6.25% last year….
More and more housing markets are topping their pre-pandemic inventory levels as sellers outnumber active buyers. Realtor.com reports that 22 of the 50 largest metros have more active listings on the market now than they did before the pandemic. Denver registered a whopping 100% increase in available homes compared to 2017-2019. Austin (+69%) and Seattle…
Refinances clocked a second strong week as rates inched down, but purchase demand remains constrained. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 2.7%, adding to the week prior’s 1.1% increase. Refinances rose by 7% and were up 40%…
The Federal Housing Administration is rescinding more than 12 sub-regulatory policies under its Single Family mortgage insurance program. The move is designed to reduce homeownership costs by cutting financial and regulatory burdens, according to Department of Housing and Urban Development Secretary Scott Turner. “These rescissions are bold, necessary, and long overdue,” Turner said in a…
A recent survey from Multiply Mortgage found that employees planning to buy a home report that the process affects their productivity. Nearly three-quarters of the 1,000 full-time employees surveyed say they’ve spent time at work worrying about housing, with 12% spending more than 6 hours a week distracted. Three in four employees said they would…
Mortgage rates went down last week, but jittery consumers are still holding back over economic fears. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.77%, falling from 6.81%. A year ago, they averaged 6.86%. Fifteen-year rates declined to 5.89% from 5.96%, and are down from 6.16% last year. “Borrowers should find…
Refinances moved mortgage demand higher last week, but purchases remain constrained by rates and home prices. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 1.1%, turning around from the week prior’s 2.5% dip. Refinances rose by 3% and were…
Mortgage rates pulled back last week, but economic and political changes weigh heavily on homebuyers. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.81%, falling from 6.84%. A year ago, they averaged 6.87%. Fifteen-year rates slipped just slightly to 5.96% from 5.97%, and are down from 6.13% last year. “Mortgage rates…
Builders are pulling back as they face significant headwinds, moving away from multi-family investment and slowing single-family production. Single-family starts were up 0.4% to a seasonally adjusted annual rate of 924,000 units last month, but down 7.3% YOY, according to data from the U.S. Census Bureau. Overall starts sank 9.8% to an annualized rate of…
Mortgage demand plummeted after a brief spike despite rates falling to a multi-month low as violence in the Middle East spooked markets. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 2.6%. Refinances were down 2% but remained up 25%…
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