Mortgage applications righted themselves last week after a brief dip as buyers took advantage of cooling rates.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 5.3%, outstripping last week’s 4.1% decline.
Adjusted purchase applications rose by 8%, while the unadjusted index was up 9% from the week before and 31% lower YOY.
The average interest rate for 30-year fixed loans fell from 6.40% to 6.30%. This is the lowest level in two months. MBA’s SVP and Chief Economist Mike Fratantoni attributed this to slowing job market data released last week. Slowing employment leads to less demand for housing, typically pushing rates down, and vice versa.…
Lock volumes increased across the board last month, with purchase locks seeing the greatest gains of any March in the past five years.
Rate locks dollar volumes rose by 43% thanks to retreating rates and greater demand, according to Black Knight’s latest Originations Market Report.
Rates fell by 24 bps by the end of the month, impacted by banking sector uncertainty. They are continuing to shrink moving into April, hitting 6.28% last week.
“It is not unusual for rate locks to surge in March ahead of the spring homebuying season, although this year’s rise outpaced what we typically see on a seasonal basis,” said Andy Walden, vice president of enterprise research at Black Knight.
Purchase locks were up 44% month-over-month…
The average mortgage rate declined for another week, giving buyers planning to finance a home this spring a little more bang for their buck.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.28%, down from 6.32% the week prior.
A year ago at this time, the 30-year FRM averaged 4.27%.
The 15-year fixed-rate mortgage increased, however, from 5.56% to 5.64%. A year ago, it averaged 3.91%.
“Mortgage rates continue to trend down entering the traditional spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.
Retreating rates aren’t enough to bring buyers priced out of the market back.
Mortgage application volume, which had ticked up when rates first began declining, is dropping again as buyers contend…
The average mortgage rate ticked down again this week, but waning banking sector concerns have rates seesawing.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.32%, down from 6.42% the week prior.
A year ago at this time, the 30-year FRM averaged 4.67%.
The 15-year fixed-rate mortgage dipped from 5.68% to 5.56%. A year ago, it averaged 3.83%.
“Economic uncertainty continues to bring mortgage rates down,” said Sam Khater, Freddie Mac’s Chief Economist.
“Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.”
Some buyers returned to the market early in order to snag a…
Homebuyers lucked out again this week as rates continued sliding, falling by nearly twenty basis points.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.42%, down from 6.60% the week prior.
A year ago at this time, the 30-year FRM averaged 4.42%.
The 15-year fixed-rate mortgage dipped from 5.90% to 5.68%. A year ago, it averaged 3.63%.
“Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a…
Mortgage applications increased for a third week as buyers take advantage of retreating rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 3%.
Mortgage rates fell for a second week as a wobbly banking sector pushed treasury yields down. The average interest rate for 30-year fixed loans fell from 6.71% to 6.48%. This is its lowest level in a month.
“Both purchase and refinance applications increased for the third week in a row as borrowers took the opportunity to act, even though overall application volume remains at relatively low levels,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
Adjusted purchase applications increased by…
Prospective homebuyers may be benefiting from the luck of the Irish this week as mortgage rates fall.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.60%, down from 6.73% the week prior.
A year ago at this time, the 30-year FRM averaged 4.16%.
The 15-year fixed-rate mortgage dipped from 5.95% to 5.90%. A year ago, it averaged 3.39%.
“Mortgage rates are down following an increase of more than half a percent over five consecutive weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“Turbulence in the financial markets is putting significant downward pressure on rates, which should benefit borrowers in the short term. During times of high mortgage rate volatility, homebuyers would greatly benefit from shopping…
Mortgage applications increased again last week while banking troubles forced rates down.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 6.5 %.
The average interest rate for 30-year fixed loans fell from 6.79% to 6.71%, giving borrowers brief respite from a month of increases.
Adjusted purchase applications increased by 7%, while the unadjusted index was up 8% from the week before and was 38% lower YOY. This is the second consecutive week of increased purchase demand.
“Treasury yields declined late last week, as market concerns over bank closures and the potential for broader ripple effects triggered a flight to safety in Treasury bonds. This decline…
Mortgage rates have increased again as new data suggests inflation is sticking harder than previously thought.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.65%, up from 6.50% the week prior.
A year ago at this time, the 30-year FRM averaged 3.76%.
The 15-year fixed-rate mortgage rose from 5.76% to 5.89%. A year ago, it averaged 3.01%.
“As we started the year, the 30-year fixed-rate mortgage decreased with expectations of lower economic growth, inflation, and a loosening of monetary policy. However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward seven percent,” said Sam Khater, Freddie Mac’s Chief Economist.
“Lower mortgage rates back in January brought buyers back into…
Mortgage rates jumped again this week, a third consecutive increase, pushing sub-6% rates further out of reach.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.50%, up from 6.32% the week prior.
A year ago at this time, the 30-year FRM averaged 3.89%.
The 15-year fixed-rate mortgage rose from 5.76% to 5.51%. A year ago, it averaged 3.14%.
“The economy continues to show strength, and interest rates are repricing to account for the stronger than expected growth, tight labor market and the threat of sticky inflation,” said Sam Khater, Freddie Mac’s Chief Economist.
“Our research shows that rate dispersion increases as mortgage rates trend up. This means homebuyers can potentially save $600 to $1,200 annually…
