Mortgage applications slipped slightly last week as rates rose again.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 0.8%, a much softer decline than the week prior’s 3.1% drop.
MBA attributes recent declines to rising rates. The average interest rate for 30-year fixed loans rose from 7.09% to 7.16%, pushing homeownership farther out of reach for many Americans. This is the third straight week of increases.
Adjusted purchase applications fell by 0.2%, while the unadjusted index dipped 2% from the week before and was 26% lower YOY.
Refinances continued to be hobbled by the high rate environment, down by 2% and 35% lower than the…
Mortgage applications went up last week, benefitting from VA and FHA activity.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 0.9%, improving slightly after the week prior’s 4.4% decline. This week’s data includes an adjustment for the July 4th holiday.
Adjusted purchase applications rose by 2%, though the unadjusted index was down 19% from the week before and 26% lower YOY.
The bump in purchase activity is attributed to an increase in FHA and VA loan activity.
Both loan types offer major perks like low down payments and minimum closing costs to those who qualify, making them more attractive than conventional loans in the current…
Mortgage originations saw a boost in June as summer turned the corner, according to new data from Mortgage Capital Trading.
MCT’s Indices Report found that lock volumes increased by 31% last month, making up for a 15% decrease in May.
“We saw originations towards the end of May slow down, so this is likely a summertime pickup in originations,” said Andrew Rhodes, Senior Director and Head of Trading at MCT. “Rates, housing supply, and affordability will continue to be the forces behind the lack of new originations.”
Year-over-year locks were down nearly 8%, however.
Rhodes noted that the Federal Reserve’s decisions will impact lock volumes going forward.
If the Fed follows through on two additional rate hikes this year, mortgage…
Veterans are taking the difficult housing market in stride, according to a recent survey by Veterans United Home Loans.
About 75% of veterans and service members considering homeownership in the next three years plan to buy a home in the next 12 months, despite having fears that home prices in their desired area will be higher (60%) and interest rates will rise (68%).
On top of that, more than half feel that buying a house is within reach for them. Though most believe that both home prices and interest rates will rise before they enter the market, they are confident about their financial futures. Nearly 70% expect to be better off financially a year from now, and more than half…
Mortgage applications fell for a fourth consecutive week, even as rates retreated from near-7% highs.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 1.4%.
Adjusted purchase applications fell by 2%, while the unadjusted index was down 13% from the week before and 27% lower YOY.
Rates took a turn, however, with the average interest rate for 30-year fixed loans falling 10 bps from 6.91% to 6.81%. Though that’s good news for home shoppers who can’t wait for a major shift in rates, it’s still the second-highest rate of 2023.
“Overall applications were more than 30% lower than a year ago, as borrowers continue to grapple…
With affordability at its worst level in more than three decades, most Americans are putting off buying a home until rates fall.
Only 6% of Americans interested in buying a home are planning to do so this summer, with the majority waiting for interest rates to drop, according to BMO’s Real Financial Progress Index. Just 4% say they expect to buy in the fall.
High rates, low inventory, and sky-high house prices are keeping potential buyers on the sidelines. Of those who don’t currently own a property, 65% are holding off due to the state of the economy.
In the current high-rate environment, affordability is an insurmountable challenge for many buyers. As of May, each of the 100 largest U.S.…
Mortgage rates increased again last week due to a heap of political and financial news.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.57%, up from 6.39% the week prior.
A year ago at this time, the 30-year FRM averaged 5.10%.
The 15-year fixed-rate mortgage rose from 5.75% to 5.97%. A year ago, it averaged 4.31%.
Daily average rates even exceeded 7% on May 25, hitting their highest level since November.
“The U.S. economy is showing continued resilience which, combined with debt ceiling concerns, led to higher mortgage rates this week,” said Sam Khater, Freddie Mac’s Chief Economist.
At the current rate, 6.57%, Redfin reported that the typical buyer’s monthly mortgage payment amounts to $2,614, a…
Mortgage applications fell again last week as borrowers recoil in the face of rising rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 4.6%, adding to last week’s drag.
Adjusted purchase applications fell by 4%, while the unadjusted index was down 5% from the week before and 30% lower YOY.
The average interest rate for 30-year fixed loans rose from 6.57% to 6.69%, the highest level since March.
“Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications. Refinance activity remains limited, with the refinance index falling to its lowest level in two months…
After falling slightly the week before, mortgage rates shot right back up last week, continuing to fluctuate within the 6% range.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, up from 6.35% the week prior.
A year ago at this time, the 30-year FRM averaged 5.25%.
The 15-year fixed-rate mortgage remained unchanged at 5.75%. A year ago, it averaged 4.43%.
“The 30-year fixed-rate mortgage averaged 6.39% this week, as economic crosscurrents have kept rates within a ten-basis point range over the last several weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months.…
Mortgage rates dipped again last week, continuing to fluctuate within the 6% range.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.35%, down from 6.39% the week prior.
A year ago at this time, the 30-year FRM averaged 5.30%.
The 15-year fixed-rate mortgage decreased as well, to 5.75% from 5.76%. A year ago, it averaged 4.48%.
“This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s Chief Economist.
Khater noted that moderating inflation has weakened mortgage rate growth.
Both the consumer price and producer price indices, released this week, showed better-than-expected results. The CPI’s shelter cost component rose…
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