Not so very long ago when people decided they were ready to become homeowners, most didn’t even think to consider a condo. The American Dream was a standalone house. It still is, but with limited inventory in many places and elevated mortgage rates and prices, suddenly a less expensive condo is more logical and achievable…
Mortgage rates remained relatively steady from last week, but an increase in home-purchase application activity after multiple weeks of decreases shows that homebuyers are getting accustomed to the current environment and responding to even slight rate decreases. This week, the average 30-year fixed mortgage rate (FRM) decreased two basis points to 6.67%, down from 6.69%…
While mortgage rates remain elevated, a slight retreat this past week drove home-purchase application activity up for the first time in several weeks. The latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity volume and includes purchases and refinances—shows mortgage application activity increasing this week 3.6% on a seasonally…
United Wholesale Mortgage (UWM) Chairman, President & CEO Mat Ishbia foreshadowed potential legal action with mortgage servicer Two Harbors for the allegedly “inappropriate” handling of its sale. During the company’s Q2 earnings call, Ishbia addressed the bidding war against CrossCountry Mortgage in order to acquire Two Harbors, which took place back in the spring. UWM…
Mortgage rates continued their upward march, coming in above year-ago levels for the first time in 44 weeks, but economists are pointing to improving trends in housing inventory and list prices as a silver lining for buyers. The average 30-year fixed mortgage rate (FRM) rose three basis points this week to 6.69%, up from 6.66%…
Those shopping for a home or a refinance for a lower rate appear to be moving back to the sidelines this past week, as application activity for both has declined for a second consecutive week following mortgage rates rising to their highest point in more than a year. The latest Market Composite Index from the…
The post Home Shoppers Pull Back as Rates Hit Highest Point in Over a Year appeared first on RISMedia.
The continued summer slowdown in the housing market could see an uptick in transactions before fall, but economists are pointing to an array of economic and geopolitical headwinds that could possibly drive mortgage rates even higher as the spark. The average 30-year fixed mortgage rate (FRM) rose another 8 basis points this week to 6.66%,…
Despite near annual highs of the 30-year average mortgage rate, home-purchase application activity had been holding steady or even modestly increasing in recent weeks, attributed to the rise in home inventory. That trajectory flipped this week with a dip in mortgage applications as rates hit another record high since last August. The latest Market Composite…
The typical summer sales slowdown is being made worse, economists say, by renewed geopolitical tension in the Middle East, putting upward pressure on inflation and causing more financial strain for would-be buyers. The average 30-year fixed mortgage rate (FRM) rose 3 basis points to 6.58% from 6.55% last week, and the 15-year FRM averaged 5.96%,…
Economists touted regional improvements to housing inventory for the increase in home-purchase application activity this week but cautioned the uptick will likely be short-lived with oil prices rising as a result of the ongoing conflict in the Middle East. The latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity…
| Older Posts |