‘In a holding pattern’ is how economists are describing the spring market moving into April, with more policy stability and conflict resolution needed to move buyers and sellers back from the sidelines. The average mortgage rate ticked down 9 basis points to 6.37% this week, down from 6.46% last week after several weeks of increases,…
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Data tracking home purchase and refinance applications showed decreases in both indexes again this week in the wake of ongoing economic uncertainty and steadily rising mortgage rates. According to the latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity volume and includes purchases and refinances—decreased 0.8% on a seasonally…
Editor’s note: Econ Review is a roundup of the month’s housing and economic market data reports. The housing market is built on data. Home prices, home sales, construction rates coupled with economic data like inflation, jobs, interest rates—it all creates the ecosystem that is the housing market. Understanding the state of the market means understanding…
The average 30-year fixed mortgage rate increased for the fifth consecutive week, rising to 6.46% as the ongoing war in Iran continues to roil financial markets, economists said. The average mortgage rate ticked up 8 basis points to 6.46% this week, according to the latest Primary Mortgage Market Survey® (PMMS®), released by Freddie Mac Thursday,…
With mortgage rates climbing to their highest point since August recently, the role of steadily increasing home purchase application and refinance activity has reversed, with both indexes by the Mortgage Bankers Association (MBA) showing sharp decreases this week. According to the latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan…
Despite a trend of significant depreciation in home-price growth, home prices remain elevated overall. Coupled with rising mortgage rates, elevated inflation and wages not rising in tandem with home prices, affordability still feels out of reach for many in the housing market. However, while homeownership remains widely unaffordable, there are minor improvements being seen, according…
While mortgage rates hit a high for the year so far, reflecting escalating geopolitical tensions in the Middle East, analysts point to average rates still remaining below year-ago levels and offering some improvement to buyers purchasing power. The average mortgage rate ticked up 11 basis points to 6.22% this week, up from 6.11% last week,…
America’s housing affordability crisis isn’t solely caused by too few homes. It’s also because of too few usable ones. A new report from real estate marketplace New Western suggests that local fix-and-flip investors—not homebuilders—are key to helping solve the problem. The report, conducted in partnership with the National Association for Housing Revitalization (NAHR), found that…
Housing affordability—the issue we all know, and definitely do not love. In the past couple years, the national median home price hit new highs, settling in around $400,000. Depending on the region and market, this could sound like a lot of money, or like a little. What really demonstrates the affordability of $400,000 is how…
New data from the Mortgage Bankers Association shows applications for both home purchases and refinances fell significantly this week following increased mortgage rates and other market volatility in the wake of the conflict in the Middle East, economists said. According to the latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage…
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