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…
Mortgage rates aren’t going down as the spring homebuying season rapidly approaches.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.90%, up from the week prior’s 6.77%. A year ago at this time, the 30-year FRM averaged 6.50%.
The 15-year fixed jumped to 6.29% from 6.12%. A year ago, it averaged 5.76%.
“Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates,” said Sam Khater, Freddie Mac’s Chief Economist.
“Historically, the combination of a vibrant economy and modestly higher rates did not meaningfully impact the housing market. The current cycle is different than historical norms, as housing affordability is so low that good economic…
Existing-home sales rebounded from a December plummet in January, increasing month-over-month, but not annually.
Sales increased by 3.1% to a seasonally adjusted annual rate of 4.00 million, according to the latest data from the National Association of Realtors. They were down 1.7% from the same time last year, however.
The Midwest, West, and South all saw sales increase, while the Northeast held steady but didn’t decline.
This is a turnaround from December, which saw existing sales shrink to their lowest point since 1995.
“While home sales remain sizably lower than a couple of years ago, January’s monthly gain is the start of more supply and demand,” said NAR Chief Economist Lawrence Yun. “Listings were modestly higher, and home buyers are…
Rising rates sent mortgage applications spiraling last week, sidelining homebuyers and forcing refis to a standstill.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 10.6%, piling onto the week prior’s 2.3% dip.
Adjusted purchase applications slipped by 10%, while the unadjusted index was down by 6% and was 13% lower YOY.
Rates shot up to 7.06% on the heels of less-than-ideal inflation data from January. The Fed’s preferred inflation index came in hotter than expected for January, and Wall Street pared back its bets on rate cuts from the Central Bank, now predicting they won’t come until at least May.
“The much-anticipated CPI report is…
Tough inflation data led to mortgage rates increasing for a second straight week.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.77%, up from the week prior’s 6.64%. A year ago at this time, the 30-year FRM averaged 6.32%.
The 15-year fixed jumped to 6.12% from 5.90%. A year ago, it averaged 5.51%.
“On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s Chief Economist.
“The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to our data, mortgage applications to buy a home so far in 2024 are down in more…
