Mortgage applications slipped further last week as refinances stalled after a brief boost. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 3.9%, adding to a 2.2% dip the week prior. Adjusted purchase applications decreased by 2%, while the unadjusted…
Mortgage delinquencies improved in the second quarter of 2023, but homeowners face increasing credit stress as the year drags on. The Mortgage Bankers Association reported that the delinquency rate for mortgage loans on one-to-four-unit residential properties fell to a seasonally adjusted rate of 3.37% of all loans outstanding at the end of Q2 2023, down…
As inflation ravages American bank accounts, monthly bills are becoming a strain on homeowners’ finances. New data from fintech doxo shows that the average U.S. household spends 35% of their median income on essential household bills– roughly $2,046 per month, and $25,000 a year. But the actual impact varies hugely by state. Doxo analyzed typical…
Mortgage rates increased again last week due to a heap of political and financial news. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.57%, up from 6.39% the week prior. A year ago at this time, the 30-year FRM averaged 5.10%. The 15-year fixed-rate mortgage rose from 5.75% to 5.97%. A…
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…
First-time buyers are still living in last year’s housing market thanks to limited affordable inventory, leading to tight competition and soaring prices. A new report from Zillow found that typical home values for the least-expensive one-third of houses rose by 8% YOY, or $13,000. In comparison, mid-level homes saw a 3% YOY increase, and the…
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…
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%…
Mortgage rates moved closer to 7% after bleak news from Federal Reserve Chair Jerome Powell this week. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.73%, up from 6.65% the week prior. A year ago at this time, the 30-year FRM averaged 3.85%. The 15-year fixed-rate mortgage rose from 5.89%…
By SCOTT KIMBLER It’s a mixed bag when it comes to predictions for the mortgage market as the economy continues to balance out after the pandemic. ATTOM recently held a conference where research performed by their company, Altos Research, and others were compiled to provide a more complete picture of what the remainder of 2023…
End of content
End of content
Before You Go, Get the Latest News and UPDATES!
Stay Tuned!