Demand for mortgages has fallen to a multi-decade low amid rising interest rates that have hit record levels, according to the Mortgage Bankers Association (MBA). MBA’s Market Composite Index, which measures the volume of loan applications, fell 4.5 percent for the week ending Oct. 14 from a week earlier on a seasonally adjusted basis, an…
Mortgage Demand Slumps to 25-Year Low as Rates Climb
October 20, 2022
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30-year mortgageBusiness & Marketseconomyinterest rate hikesMarketsmortgage applicationsmortgage demandpersonal financerecessionU.S. home pricesUSUS News
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Mortgage Application Pace Plunges to 25-Year Low as Housing Recession Deepens
October 5, 2022
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Business & Marketseconomyhigh interest rateshousing recessionMarketsmortgage applicationsmortgage ratesmortgage refinancereal estaterecessionUSUS NewsUS Real Estate
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The pace of mortgage applications has fallen to a multi-decade low amid high housing interest rates, according to the latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, declined by 14.2 percent on a seasonally adjusted basis for the week ended Sept. 30, 2022, compared…
Ex-Treasury Secretary Says ‘We’re in New Financial Territory’
September 28, 2022
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30-year mortgageBusiness & Marketseconomic policieseconomyinflationMarketsmortgage applicationsmortgage ratesU.S. interest rate hikesU.S. treasury yieldsUS
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Lawrence Summers, the former Secretary of Treasury under the Clinton administration, has warned that home mortgage rates are set to climb even higher. “The U.S. 10-year rate just crossed above 4 percent. Mortgage rates comfortably exceed 7 percent. We are now in new financial territory,” Summers noted in a tweet on Sept. 28. The average contract rate…
Mortgage Demand Sinks to 22-Year Low as Recession Fears Mount
July 21, 2022
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Mortgage applications in the United States decreased 6.3 percent for the week ending July 15 compared to the previous week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Mortgage demand fell for a third week in a row to the lowest point since 2000 as high inflation and interest rates hammered…
Mortgage Rates Fall as Recession Fears Mount
July 8, 2022
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Business & Marketseconomic recessioneconomyFreddie Macmortgage applicationsmortgage interest ratesreal estaterecessionUSUS Real Estate
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U.S. mortgage rates fell for the second consecutive week after a rapid rise in June, the latest data from loan mortgage company Freddie Mac shows. The interest rate on a 30-year fixed-rate mortgage declined to 5.3 percent for the week ending July 6, down from 5.7 percent on June 29, according to Freddie Mac’s data. In the…
Mortgage Rates Jump, Applications Drop, Home Prices Could Come Down
Average long-term mortgage rates in the United States have jumped after almost a month of declines as the Federal Reserve looks all set to raise interest rates in its upcoming meeting. According to mortgage buyer Freddie Mac, the interest rate on a 30-year fixed-rate mortgage was at 5.23 percent for the week ending June 9….
Mortgage Demand Slumps to 22-year Low in Sign of Housing Market Chop
A measure of mortgage demand plunged to its lowest level in 22 years last week, new data from the Mortgage Bankers Association (MBA) showed, delivering a fresh sign that the red-hot housing market may be losing some steam. Total mortgage application volume fell 6.5 percent week-over-week, according to the MBA’s seasonally-adjusted Market Composite Index, released June…
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