Mortgage rates have reached their lowest point since mid-March but economists worry inflation and economic uncertainty caused by tensions in the Middle East will result in temporary decreases versus more sustained stability. The average mortgage rate ticked down 7 basis points to 6.23%, down from 6.30% last week, according to the latest Primary Mortgage Market…
Despite ongoing geopolitical uncertainty, recent mortgage rate declines have boosted mortgage application activity for a second week in a row. 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—increased 7.9% on a seasonally adjusted basis from last week’s 1.8% increase,…
The potential of a spring boom appears to still be on the table as pending home sales recorded another uptick in March, according to the latest data from the National Association of Realtors® (NAR). The future outlook, however, continues to be on shaky ground as the Iranian conflict persists. NAR’s Pending Home Sales report found…
Indexes tracking home-purchase and refinance application activity both saw increases this week, supported by a 9-basis-point decrease in mortgage rates last week that followed easing of tensions in the Middle East. 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—increased…
The rate lock-in effect has been a concern on the minds of many in real estate over recent years as mortgage rates have mostly stayed in the 6%-7% range. Homeowners with rates in the 2%-3% range, while they could potentially afford the price of a new home in selling their current one, have reportedly felt…
The post The Upsizing Question: How Does Rate Lock Impact Move-Up Transactions? appeared first on RISMedia.
‘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,…
The post Rates Ease Following Mideast Ceasefire appeared first on RISMedia.
At the latest Federal Open Market Committee (FOMC) meeting in March, the Federal Reserve voting committee chose to keep interest rates unchanged. The release of the Fed Minutes, documenting members’ thought processes and economic projections during the meeting, showed that the commencement of the U.S. and Israel’s war with Iran unsurprisingly added a major new…
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…
The brief moment of lower mortgage rates, coupled with some bettering signs in affordability, have led to a margin of improvement in housing inventory and the market as a whole, according to new data. Zillow’s March Market Report found that pending listings (listings that changed from for-sale to pending status rather than closed sales) grew…
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,…
| Older Posts |