Mortgage rates in the United States have hit the highest level in six months while loan applications and home sales are declining. The average 30-year fixed-rate mortgage rate hit 7.12 percent on May 25, according to a May 25 post by Mortgage Daily News (MDN). The previous high of 7.10 percent was hit on March…
US Mortgage Rates Hit 6-Month High as Home Sales Decline
May 26, 2023
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US Home Prices See Biggest Annual Drop in Over a Decade
April 20, 2023
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Home prices have registered their biggest annual decline in over 10 years, according to real estate brokerage Redfin, with price drops led by “pandemic boomtowns and pricey Bay Area markets.” Median U.S. home price declined by 3.3 percent in March to $400,528—the biggest year-over-year drop since 2012—per an April 19 Redfin press release. The largest…
Mortgage Demand Slumps Despite Drop in Mortgage Rates
Despite the 30-year mortgage rate falling to a seven-week low, applications to purchase a residential property tumbled for the first time in a month. For the week ending March 31, U.S. mortgage applications declined 4.1 percent, the first weekly drop since the week ending Feb. 24, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage…
Mortgage Demand Up as Rates Fall for 5th Consecutive Week
February 8, 2023
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Mortgage demand is recovering as rates continued to fall last week for the fifth consecutive time. The news caused current homeowners and potential homebuyers to immediately react to the changes. The total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4 percent for the week ending Feb. 3, according to the…
Mortgage Demand Drops to Lowest Level in 26 Years as Housing Market Slump Continues
January 5, 2023
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Mortgage demand has fallen in the past two weeks to its lowest level since the 1990s as elevated mortgage rates and fears of a recession take a toll on the market, according to latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures the volume of mortgage loan applications, fell 13.2…
Home Prices Will Fall for First Time in 10 Years: Real Estate Brokerage
December 8, 2022
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Yearly home prices in the United States are set to fall next year for the first time in a decade, with residential property sales also declining, according to real estate brokerage Redfin. The median home sales price is expected to drop by 4 percent to $368,000 in 2023, which will be its first annual decline…
Mortgage Rates Drop to 2-Month Low Sending Demand Up
November 23, 2022
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U.S. mortgage rates declined for a second straight week, hitting a two-month low while mortgage applications increased 2.2 percent for the week ending Nov. 18 from a week earlier, according to an industry association, reflecting a slight improvement in the constrained housing market. “The 30-year fixed-rate mortgage fell for the second week in a row…
Mortgage Rates Decline Following Signs of Easing Inflation
November 11, 2022
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After data showed inflation cooled in October, mortgage rates fell sharply on Thursday by its biggest ever margin, according to data from Mortgage Daily News (MDN). The Consumer Price Index (CPI) data released on Nov. 10 showed 12-month inflation growing by 7.7 percent in October, down from 8.2 percent in September, and below market expectations…
Mortgage Demand Drops as Rates Rise to 7.14 Percent, Near Highest Level Since 2001
November 10, 2022
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With interest rates remaining high, demand for mortgages dropped during the week ended Nov. 4, according to the latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures mortgage loan-application volume, fell 0.1 percent from a week ago on a seasonally adjusted basis, according to an MBA press release on Nov. 9….
Mortgage Demand Slumps Again Despite Rates Easing as Housing Downturn Intensifies
November 2, 2022
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Even though mortgage rates eased down a bit, demand for mortgages fell for the week ended Oct. 28, according to data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures mortgage loan-application volume, declined by 0.5 percent on a seasonally adjusted basis for the week ended Oct. 28 when compared to a…
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