This week saw a decrease in overall home purchase applications but the average mortgage rate held steady at or around three-year lows. The latest Primary Mortgage Market Survey® (PMMS®), released by Freddie Mac Thursday, shows the 30-year fixed-rate mortgage (FRM) averaging 6.10%, a slight increase of 1 basis point from last week’s rate average of…
Lower mortgage rates at the end of 2025 prompted a refinance rush among current homeowners, helping boost prepayment rates to their highest level in three years, according to a new report from ICE Mortgage Technology. The monthly mortgage prepayment rate rose to 0.91% in December, just below the 3.5‑year high set in October, ICE reported…
Above, Fed Chair Jerome Powell The Federal Reserve has announced its interest rates will remain unchanged during its Jan. 28 meeting. This follows three straight rate cuts from the prior three Federal Open Market Committee (FOMC) meetings of 2025. The FOMC announced at its first meeting of 2026 that it has kept interest rates at…
The optimism of a new year does not seem to have brought a boost to U.S. consumer confidence—quite the opposite, in fact. According to the latest survey from the Conference Board, consumer confidence has fallen to its lowest level since 2014, lower even than the depths of the COVID-19 pandemic. “Confidence collapsed in January, as…
With the spring homebuying season approaching, lower mortgage rates are a welcome development for households looking to buy a home. That’s the sentiment of some industry mortgage watchers as rates have hit recent record lows and applications for home purchases have seen solid increases over the past two weeks. The latest Primary Mortgage Market Survey®…
The Federal Reserve is reportedly split when it comes to further interest rate cuts in 2026, operating with a “wait-and-see” attitude depending on how inflation moves during the year. The latest results from the Fed’s preferred gauge of inflation—the Bureau of Economic Analysis’s Personal Consumption Expenditure (PCE) report—showed inflation dipping then inching back up. Delayed…
The last two weeks of mortgage application metrics have shown sizable increases. According to the latest Mortgage Bankers Association (MBA) report, the Market Composite Index—the measure of mortgage loan activity volume—increased 14.1% from one week earlier on a seasonally adjusted basis for the week ending Jan. 16, following last week’s notable 28.5% increase for the…
In a positive sign for the first month of 2026, mortgage rates continued to improve this week, falling to the lowest level seen in over three years. According to the latest Primary Mortgage Market Survey from Freddie Mac, the 30-year fixed rate mortgage (FRM) averaged 6.06%, down from last week’s average of 6.16% and from…
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Despite a hopeful moment of decline in November, inflation looks to be stagnant in December, remaining paused from hitting the Federal Reserve’s 2% goal, according to the latest Bureau of Labor Statistics data. The Consumer Price Index (CPI) for December saw a slight increase of 0.3% for the all items index, landing at 2.7% annual…
With little change in the average mortgage rate expected over the coming weeks, home shoppers are seeing some positive signs as the market moves toward the traditional busy buying season. The latest Primary Mortgage Market Survey® (PMMS®), released by Freddie Mac Thursday, shows the 30-year fixed-rate mortgage (FRM) averaging 6.16%, a one-basis-point increase from last…
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