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…
Mortgage applications rose last week across the board as rates dipped in the wake of positive news from the Fed.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 6.3%, changing course after last week’s 1.2% decrease.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 5.3% from the week before and 32% lower YOY.
The average interest rate for 30-year fixed loans dipped from 6.50% to 6.48%.
Refinances also showed movement, up 10% from the week prior. They remain 44% lower than the same time last year, however, comprising only 28% of total applications.
In the past decade, refis averaged 58% of…
Home sale prices went up last quarter due to high competition in budget-friendly markets.
The National Association of Realtors’ latest quarterly report found that single-family existing-home sales prices increased in 152 of 221 metros — about 70% — in Q1 2023.
The monthly mortgage payment on a typical existing single-family home with a 20% down payment was $1,859, up 33% YOY.
The divide in demand between affordable and expensive markets is the main factor in these numbers. High-end markets with the most expensive homes are seeing declines, while cheaper areas are seeing intense competition for the few affordable homes for sale, pushing prices up.
“Generally speaking, home prices are lower in expensive markets and higher in affordable markets, implying greater…
Mortgage rates fell last week on the heels of the FOMC’s May meeting.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, down from 6.43% the week prior.
A year ago at this time, the 30-year FRM averaged 5.27%.
The 15-year fixed-rate mortgage increased as well, to 5.76% from 5.71%. A year ago, it averaged 4.52%.
“This week, mortgage rates inched down slightly amid recent volatility in the banking sector and commentary from the Federal Reserve on its policy outlook,” said Sam Khater, Freddie Mac’s Chief Economist.
“Spring is typically the busiest season for the residential housing market and, despite rates hovering in the mid-six percent range, this year is no different. Interested homebuyers are acclimating…
The 30-year FRM increased once again last week, blocking even more homebuyers from entering the market.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.43%, up from 6.39% the week prior.
A year ago at this time, the 30-year FRM averaged 5.11%.
The 15-year fixed-rate mortgage fell, however, down to 5.71% from 5.76%. A year ago, it averaged 4.40%.
“The 30-year fixed-rate mortgage increased modestly for the second straight week, but with the rate of inflation decelerating rates should gently decline over the course of 2023,” said Sam Khater, Freddie Mac’s Chief Economist.
“Incoming data suggest the housing market has stabilized from a sales and house price perspective. The prospect of lower mortgage rates for the…
Mortgage applications rose last week despite rates jumping to their highest point in more than a month.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 3.7%, changing course after last week’s 8.8% decrease.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 6% from the week before and 28% lower YOY.
The average interest rate for 30-year fixed loans jumped from 6.43% to 6.55%, a second week of increases and the highest level in more than a month.
“Both conventional and government home purchase applications increased last week. However, activity was still nearly 28% below last year’s pace, as high mortgage rates…
Data released today shows a modest increase in home prices took place in February.
Year-over-year, prices increased by 2%, down from 3.7% in the previous month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
The 20-City Composite posted a 0.4% year-over-year gain, down from 2.6% in the previous month.
“February’s results were most interesting because of their stark regional differences… It’s unsurprising that the Southeast (+7.8%) remains the country’s strongest region, while the West (-4.2%) continues as the weakest,” noted Craig J. Lazzara, Managing Director at S&P DJI.
West Coast hubs that saw huge migration during the pandemic remained negative YOY in February, with San Francisco, Seattle, San Diego, and Portland all experiencing declines.
Southern cities continued…
Home shoppers following rates closely jumped on retreating rates in March, giving the spring buying season a boost.
Black Knight’s March 2023 Originations Monitor showed that rate lock dollar volume exploded in March, up 43%, as rates retreated due to economic uncertainty.
Lock volumes rose in all categories. Purchase locks were up 44% month-over-month, significantly higher than its average of 30% across the last five years.
“This continues to be an incredibly rate-sensitive housing market, and March’s rate lock activity perfectly illustrates this dynamic,” said Andy Walden, vice president of enterprise research at Black Knight.
He explained that rates were inching up at the beginning of the month, but came down later in March due to banking sector turmoil.
“The…
Existing-home sales dipped in March after rising the month prior as the housing market remains rate sensitive.
Sales declined by 2.4% to a seasonally adjusted annual rate of 4.44 million from 4.48 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 22%.
All four major regions saw sales decline year-over-year and three of the four tanked month-over-month. Only the Northeast’s sales were unchanged from February.
The median price for an existing home slid YOY alongside rates, down 0.9% to $375,700. This is just the second YOY decline in years– last month’s dip broke the longest streak on record, 131 consecutive months of price gains.
“Home sales are trying to recover…
Mortgage rates jumped last week, breaking a five-week streak of declines.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, up from 6.27% the week prior.
A year ago at this time, the 30-year FRM averaged 5.11%.
The 15-year fixed-rate mortgage also rose, up to 5.76% from 5.54%. A year ago, it averaged 4.38%.
“For the first time in over a month, mortgage rates moved up due to shifting market expectations,” said Sam Khater, Freddie Mac’s Chief Economist.“Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for many potential homebuyers. Unless rates drop into the mid five percent range, demand will only…
