Demand for purchase loans down 18% week over week and 41% from a year ago as mortgage rates rise for the second week in a row to hit new 2023 highs, MBA survey showsRebounding mortgage rates have cooled homebuyer demand for mortgages to the lowest level since 1995, according to a weekly survey of lenders by the Mortgage Bankers Association.The MBA’s Weekly Mortgage Applications Survey shows demand for purchase mortgages was down a sea
Spring is around the corner, and the signs are pointing to a pick-up in sales on the horizon. Read more from NAR’s latest housing report. Existing-home sales continued to ease in January, marking a yearlong stretch of declines coming off pandemic-fueled highs. But median home prices still are rising.Total existing-home sales—completed transactions that include single-family homes, townhomes, condos and co-ops—decreased 0.7% in January compa
Borrowing costs may see temporary increases in the coming weeks but are expected to stabilize. Mortgage rates jumped this week, driven up by a record number of jobs and higher-than-expected inflation, says Nadia Evangelou, senior economist and director of real estate research for the National Association of REALTORS®. The 30-year fixed-rate mortgage averaged 6.32%, up from 6.12% last week, according to Freddie Mac.While mortgage rates may see te
After falling for five straight weeks, mortgage rates jumped last week, triggering a decline in mortgage demand.Total mortgage application volume fell 7.7% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.39% from 6.18%, with points rising to
Builder confidence rose 7 points in February, to 42, according to the latest NAHB Housing Market Index. It's the highest score since September and the largest 1-month increase in a decade The outlook for the housing market has improved for two-consecutive months, leaving builders cautiously optimistic as the spring homebuying season fast approaches, according to the latest Wells Fargo/National Association of Home Builders Housing Market Inde
A slowdown is now underway, says NAR Chief Economist Lawrence Yun. But don’t expect to see dramatic price drops.After three years of runaway home prices, buyers may soon find relief. In some markets, they may have already found it.The National Association of REALTORS®’ latest quarterly housing report shows that home price growth is cooling—though that doesn’t mean prices are falling. The national median price for a single-family existing
Rates in the 6% range are helping to bring buyers back to the market in time for the spring selling season.Mortgage rates ticked up slightly this week, but they continue to remain well below their November 2022 peak, which eclipsed 7%. The 30-year fixed-rate mortgage averaged 6.12% this week, according to Freddie Mac. Lower rates in the 6% range since the beginning of the year are helping to bring costs down for potential buyers. “Interested ho
Mortgage rates continued to fall last week, and both current homeowners and potential homebuyers reacted swiftly.Total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) dec
After a strong jobs report, traders are betting the Fed might raise interest rates two more times this year The U.S. labor market remains incredibly strong. Investors can’t decide if that is a good or bad thing.At first glance, Friday’s jobs report seemed to have very little for money managers to dislike. The U.S. economy added a whopping 517,000 jobs in January, while the unemployment rate fell to its lowest level si
Showings were way down year over year but only dipped a little bit month over month, according to a new report from ShowingTime. They remain up compared to pre-pandemic levelsThe number of home showings in the U.S. was down in December compared to one year prior, though a new report suggests the slowdown may be improving.The report, from ShowingTime, reveals that the company’s Showing Index — which is a measure of showing traffic ac
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
