Mortgage rates were basically stagnant last week, staying put in the upper-6% range yet again.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.82%, up just slightly from the week prior’s 6.79%. A year ago at this time, the 30-year FRM averaged 6.28%.
The 15-year fixed rate also fell from 6.11% to 6.06%. A year ago, it averaged 5.64%.
This week’s data reinforces that rates have stabilized in the 6%’s for the moment.
“Since the start of 2024, the 30-year fixed-rate mortgage has not reached 7% but has not dropped below 6.6% either,” said Sam Khater, Freddie Mac’s Chief Economist.
“While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease…
Inventory and rate pressures are creating conditions for a “quieter” spring homebuying season.
That’s according to HouseCanary’s March Market Pulse Report, which found that while inventory is up 12.6% YOY, total stock remains historically low.
In March, net new listings slipped 4.4% YOY. For the entire last 52 weeks, net new listings were down 12.4%.
HouseCanary says the decrease in net new listings was driven by a 2.5% drop in new listing volume, plus a 7% increase in removals compared to March 2023.
“Over the past month, net new listings and contract volumes have continued to trend at multi-year seasonal lows. The interest rate shock is the biggest factor responsible for sustaining inventory scarcity,” said Jeremy Sicklick, Co-Founder and CEO…
Mortgage rates fell last week but remained in the high-6% range.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.79%, down from the week prior’s 6.87%. A year ago at this time, the 30-year FRM averaged 6.32%.
The 15-year fixed rate also dropped from 6.21% to 6.11%. A year ago, it averaged 5.56%.
“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” said Sam Khater, Freddie Mac’s Chief Economist.
“We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near 7% as markets watch for signs of cooling inflation, hoping that rates will come down further.”
Both existing…
Pending home sales increased in February as inventory loosened up and buyers became accustomed to the high-rate environment.
NAR’s Pending Home Sales Index rose by 1.6% month-over-month to a reading of 75.6 last month. An index of 100 is equal to the level of contract activity in 2001.
Year-over-year, they were down 7%.
“While modest sales growth might not stir excitement, it shows slow and steady progress from the lows of late last year,” said NAR Chief Economist Lawrence Yun. “Ongoing job gains are clearly increasing demand along with more inventory.”
All four U.S. regions saw declines in year-over-year sales, while month-over-month sales rose in the Midwest and South. The Northeast and West saw losses from January.
Southern states and…
Mortgage applications are down for a second week even as rates fell slightly.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — decreased by 0.7%, following the week prior’s 1.6% slip.
Adjusted purchase applications slipped by 0.2%, while the unadjusted index was up 2% and 16% lower YOY.
Rates pulled back slightly, clocking in at 6.93%, but remained high enough to deter borrowers, according to MBA Vice President and Deputy Chief Economist Joel Kan.
“Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market,” he added.
“Lower rates should help to free up additional…
Rates took a turn for the worse last week, rising back to nearly 7%, as economic data soured analysts’ moods on easing rates.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.87%, up from the week prior’s 6.74%. A year ago at this time, the 30-year FRM averaged 6.42%.
This breaks a two-week streak of declines. Mortgage applications slipped this week as rate-sensitive Americans backed away from the market.
The 15-year fixed rate also rose from 6.16% to 6.21%. A year ago, it averaged 5.68%.
The Central Bank outlined cuts to come in 2024 but held the benchmark rate steady during their March meeting.
Inflation has eased over the past year but committee members do not…
Mortgage applications increased for a second week as rates retreated from 7%.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — increased by 7.1%, following the week prior’s 9.7% bump.
Adjusted purchase applications rose by 5%, while the unadjusted index was up 6% and 11% lower YOY.
“Mortgage rates dropped below 7% last week for most loan types because of incoming economic data showing a weaker service sector and a less robust job market, with an increase in the unemployment rate and downward revisions to job growth in prior months,” said Mike Fratantoni, MBA’s SVP and Chief Economist.
Nonfarm payrolls rose by 275,000 in February while the…
Mortgage rates broke a month-long upward streak, deflating for the first time in weeks and resulting in a purchase demand boost.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.88%, down from the week prior’s 6.94%. A year ago at this time, the 30-year FRM averaged 6.73%. This is the first decline in four weeks.
The 15-year fixed also fell, dropping to 6.22% from 6.26%. A year ago, it averaged 5.95%.
“Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates,” said Sam Khater, Freddie Mac’s Chief Economist.
Mortgage loan applications were up nearly 10% from…
Listings are down more than 15% from last year, another pain point on the market ahead of the typically zippy spring buying season.
HouseCanary’s February Market Pulse Report found that net new listings were 15.3% lower than in February 2023. Overall, inventory is up 11.7% YOY but remains generally constrained, limiting new activity.
This is yet another example of market pressures as spring approaches, usually a busy homebuying season.
“In January, we saw net new listings and contract volumes trend at multi-year seasonal lows. Although those metrics are slightly up versus last month, the housing market is still facing significant pressures. The Federal Reserve has all but confirmed that rates will continue to hover around the 7% mark, continuing to…
Mortgage rates inched up to a two-month high last week, putting pressure on hopeful spring homebuyers.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.94%, up from the week prior’s 6.90%. A year ago at this time, the 30-year FRM averaged 6.65%. This is the fourth consecutive week of increases.
The 15-year fixed fell, however, to 6.26% from 6.29%. A year ago, it averaged 5.89%.
“The recent boomerang in rates has dampened already tentative homebuyer momentum as we approach the spring, a historically busy season for homebuying,” said Sam Khater, Freddie Mac’s Chief Economist.
“While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges…
