Mortgage rates declined for a third straight week, but affordability is keeping demand leashed. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.60%, down from the week prior’s 6.69%. A year ago at this time, the 30-year fixed-rate mortgage averaged 6.95%. Fifteen-year rates also fell to 5.84% from 5.96%. A year…
Mortgage applications increased before and after the Thanksgiving holiday as rates tempered and inventory improved. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 2.8% last week, adding to the week prior’s 6.3% bump. This marks a fourth consecutive week…
Mortgage rates resumed their upward march last week after briefly stalling. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.84%, up from the week prior’s 6.78%. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.29%. Fifteen-year rates ticked up to 6.02% from 5.99%. A year ago at this…
Mortgage applications rose for a second week despite rates trending back towards 7% as inventory increases. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 1.7%, adding to the week prior’s 0.5% increase. This is the second increase after six…
A new tool from Zillow will attempt to predict whether users will qualify for a loan when shopping with a budget. BuyAbility is an affordability tool from Zillow Home Loans that gives buyers a personalized estimate of the home price and monthly payment they can afford, as well as the likelihood of qualifying for a…
Mortgage rates stalled in the days following Donald Trump’s re-election and another rate cut from the FOMC. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.78%, essentially unchanged from the week prior’s 6.79%. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.44%. Fifteen-year rates followed the same pattern,…
Mortgage applications turned around last week as some buyers decided to make moves in the wake of the election. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — ticked up by 0.5%, reversing from the week prior’s 10.8% decline. This is the…
By KIMBERLEY HAAS New numbers show the resilience of the housing market and the impacts of recent drops and spikes in mortgage rates. On Tuesday, Optimal Blue released its October 2024 Market Advantage Mortgage Data Report, which shows purchase lock volume grew by 12% month-over-month. Purchase lock counts grew 9% year-over-year. FHA locks rose last month,…
By PATRICK LAVERY Donald Trump’s victorious performance on Election Night that will return him to the presidency in 2025 portends to cast a long shadow over housing affordability, but for now, the Federal Reserve Board is continuing a resumption of rate cuts that began in mid-September by slashing its key interest rate another quarter of…
By CHUCK GREEN With all due respect to the Hallmark Channel, we’d like to interrupt regularly scheduled Christmas programming to bring you this holiday market update. Before you knock back that second or, okay, third, heavy-handed cup of eggnog, you might want to dive into your holiday stocking. You could score not only the traditional…
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