Despite average mortgage rates increasing this past week, potential homebuyers were active in the market, a sign that they may be getting used to the current economic environment, according to the Mortgage Bankers Association (MBA). According to the latest Market Composite Index from the MBA—its measure of mortgage loan activity volume and includes purchases and…
Mortgage applications declined for a second week in a row as economists point to economic uncertainty and geopolitical tensions continuing to weigh on activity and drive mortgage rates up. 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 4.4% on…
Jerome Powell’s reign at the Fed may be at its end, but he’s not going anywhere. On Wednesday, the Federal Reserve held interest rates steady at its April Federal Open Market Committee (FOMC) meeting, leaving the federal funds rate unchanged at a rate of 3.5%-3.75% for the third straight month since December’s quarter-point cut. And…
Mortgage applications decreased this week but economists say homebuying sentiment has improved over this time last year thanks to an increase in homes on the market. 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 1.6% on a seasonally adjusted…
In a report from the Bureau of Labor Statistics (BLS) on March 6, the U.S. economy lost 92,000 jobs in February, a month marred by severe winter weather. February was the third time in the past five months that payrolls declined, following a sharp revision showing a drop of 17,000 in December. As stocks sold…
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In a delayed report on job growth from the Bureau of Labor Statistics (BLS) on Nov. 20, U.S. employers added 119,000 jobs in September, with the unemployment rate rising slightly to 4.4%. Employment continued to trend up in healthcare, food services and drinking places, and social assistance. Job losses occurred in transportation and warehousing and…
As the government shutdown limits activity in many markets, mortgage applications continue to drop for the second consecutive week, aligning with projections stating that October would see less demand and less competition between homebuyers. The Mortgage Bankers Association (MBA) reports that the market composite index—the measure of mortgage loan application volume—decreased 4.7% on a seasonally…