Mortgage applications for home purchases rose 8 percent over the week ending June 17 compared with the week before, in part because of rising demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s June 22 seasonally adjusted index. “Purchase applications increased for the second straight week—driven mainly by conventional applications—and the [adjustable-rate mortgage] share of…
Demand for Adjustable-Rate Mortgages Surge as Rates Push Higher
June 23, 2022
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US Mortgage Rates Rise to 5.78 Percent After Fed Rate Hike, in Biggest Jump Since 1987
June 16, 2022
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U.S. mortgage rates jumped to 5.78 percent in the largest one-week increase since 1987, reported Freddie Mac on June 16, after the Federal Reserve hiked interest rates the day prior, adding further pressure on homebuyers and slowing down the already weak housing market. The average for a 30-year loan jumped to 5.78 percent by more…
US Homebuilder Sentiment Falls to Lowest Level Since Pandemic as Affordability Worsens
June 15, 2022
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American homebuilders have grown more pessimistic about the state of the housing market over the past six months due to increasing interest rates, with sentiment falling to their lowest level since June 2020 at the height of the pandemic. Mortgage demand throughout the country has fallen to less than half of what it was a…
Previously Owned Homes Sales In April Fall To Lowest Levels Since The Pandemic
May 20, 2022
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Sales of previously owned homes in April tumbled for the third straight month to their slowest pace since the start of the pandemic, according to the National Association of Realtors on May 19. Existing home sales fell to a seasonally adjusted annual rate of 5.61 million, while sales were down 2.4 percent from March and…
Mortgage Rates Rise, With Monthly Payments Up Around 30 Percent From Last Year
Average long-term U.S. mortgage rates continue to climb again this week, with interest rates for key 30-year mortgage loans hitting their highest level since 2009, according to Freddie Mac on May 12. The news adds more financial strain on potential home buyers, as the competitive spring and summer markets heat up. Forty-year high inflation, rising…
Record Low Number of People Looking to Buy Homes in 2022: Gallup
May 4, 2022
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According to a new poll from Gallup released May 4, less than a third of Americans believe it is a good time to buy a house due to high interest rates, supply chain problems, and climbing inflation. Gallup’s annual Economy and Personal Finance poll was conducted April 1–19, coinciding with the median sale price of U.S….
US Mortgage Applications Decline as Interest Rates Hit 12-Year High
April 20, 2022
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Mortgage applications in the United States fell for the sixth straight week as mortgage rates rose to a 12-year high, causing home purchases and refinancing applications to fall, according to the latest survey by the Mortgage Bankers Association (MBA) on April 20. The Market Composite Index (MCI), a measure of mortgage loan application volume, showed a 5…
US Homes Are Selling Above Their Listing Price as Competition for Housing Soars
More than almost 50 percent of homes sold in the United States in March were above the initial listing price, in 20 of the nation’s top 50 metropolitan regions, according to residential real estate search group, OJO Labs, on April 19. Rising interest rates and a nationwide housing shortage are causing selling prices and mortgage rates to skyrocket…
US Home Prices Rise in March, Building Permits Increase Due to Housing Shortage
April 19, 2022
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Home construction in the United States rose in March 2022, but starts for single-family housing fell amid rising mortgage rates across the country, with residential construction marked by a severe shortage of houses. Housing starts—an indicator of the number of private homes in a given period of time on which construction has begun—increased by 0.3 percent…
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