Mortgage rates hit an 18-month low as new inflation data solidified a quarter-point rate cut at the next FOMC meeting. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.20%, down 15 bps from the week prior. This is its lowest point since February 2023. A year ago at this time, the…
Mortgage applications continued their ascent last week as purchase activity ticked up, but refinances may be hitting their ceiling. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 1.4%, close to the week prior’s 1.6%. This week’s results include an…
Mortgage rates held steady last week as markets awaited the release of the highly anticipated August jobs report. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.35%, the same as last week. A year ago at this time, the 30-year FRM averaged 7.12%. The 15-year fell from 5.51% to 5.47%. A…
Mortgage applications rose again last week as government purchase activity made up for retreating refinances. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 1.6%, slightly better than the week prior’s 0.5%. Adjusted purchase applications rose by 3%, while the…
Mortgage rates slipped more than 10 basis points last week as the market anticipates a rate cut from the Central Bank in the coming weeks. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.35%, plunging from the week prior’s 6.46%. A year ago at this time, the 30-year FRM averaged 7.18%….
Residential mortgage loans spiked in the second quarter of 2024, returning to early 2023 levels and setting the stage for further improvement. New data from ATTOM shows that 1.62 million mortgages secured by residential property (1 to 4 units) were issued in the United States during Q2, representing a 23.2% jump from the first quarter….
By KIMBERLEY HAAS The executive vice president of Rocket Pro TPO has some advice for the broker community as temperatures cool and autumn begins: Ignore the noise. “We live in a world where there’s so much noise out there. I mean, there’s stuff on social media. If you turn on the TV, you hear stuff…
Mortgage applications ticked up last week as rates continued to cool, but many Americans are taking a “wait and see” approach to the market. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 0.5%. Adjusted purchase applications rose by 1%,…
Rocket Mortgage rolled out a new temporary buydown option covering the cost of a lower interest rate for two years. “Welcome Home RateBreak” is a lender-paid 2-1 buydown program where borrowers get a two-point reduction for the first year and one point for the second year before returning to the note rate in the third…
Both new home and existing-home sales improved with cooling mortgage rates in July despite record-high home prices. New home sales reversed a surprise downturn last month, according to data from the U.S. Census Bureau and the Department of Housing and Urban Development, which reported sales rising by 10.6% to a seasonally adjusted annual rate of…
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