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☆ Mortgage demand drops as interest rates soar over 7%
▼ + stars: | 2024-04-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates rose for the third straight week last week, hitting the highest level since November. As a result, mortgage application demand dropped 2.7% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. As home prices rise along with interest rates, potential buyers' purchasing power are suffering a double whammy. ARMs offer lower rates and can be fixed for up to 10 years, although they are considered riskier. Mortgage rates have eased very slightly so far this week, but there hasn't been much economic data to influence them.

Persons: Joel Kan, hasn't Organizations: Mortgage

☆ Mortgage refinance demand surges even as rates cross back over 7%. Here's why
▼ + stars: | 2024-04-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Overall mortgage demand has now moved sideways for three straight weeks, but last week saw a split between those looking to buy a home and those hoping to save money with a refinance. Total mortgage application volume increased just 0.1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index, essentially flat. "Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Refinance demand usually drops when rates rise, but rates had fallen back slightly in the previous weeks, so some homeowners may have been waiting for them to go even lower. It is set to be released Wednesday morning, and depending on the outcome, mortgage rates could make a strong move in either direction.

Persons: Joel Kan Organizations: Mortgage, Federal

☆ Weekly mortgage demand remains stalled, as interest rates stay stubbornly high
▼ + stars: | 2024-04-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates didn't move much last week, and for the second week in a row, neither did mortgage demand. Total mortgage application volume last week was essentially flat, dropping 0.6% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Elevated mortgage rates continued to weigh down on homebuying. Purchase applications were unchanged overall, although FHA purchases did pick up slightly over the week," noted Joel Kan, an MBA economist. Mortgage rates bounced higher to start this week, after new economic data on manufacturing came in higher than expected and noted higher prices.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: homebuying

☆ Mortgage demand stalls, even as interest rates moderate
▼ + stars: | 2024-03-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The usually busy spring housing market is underway, but mortgage demand isn't moving. Mortgage rates today are still about a half a percentage point higher than they were at this time last year, so recent borrowers have no incentive to refinance. "Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market," said Joel Kan, an MBA economist in a release. Mortgage rates have basically moved sideways to start this week and are unlikely to change until next week, when more economic data is set to be released. "If inflation falls a bit more or if the economy shows marked signs of weakening, it would tip the scales in favor of lower rates."

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Miami , Florida

☆ Weekly mortgage demand drops as interest rates rise again, but Fed announcement will be key for spring market
▼ + stars: | 2024-03-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage interest rates rose last week for the first time in three weeks. As a result, total mortgage application volume dropped 1.6% 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 ($766,550 or less) increased to 6.97% from 6.84%, with points decreasing to 0.64 from 0.65 (including the origination fee) for loans with a 20% down payment. That was the weekly average, but another index from Mortgage News Daily, which looks at daily rates, had the 30-year fixed mortgage moving back over 7% last Thursday. "Mortgage rates increased last week as incoming data showed inflation was still hotter than expected, which stoked concerns about the timing and extent to which the Fed might be able to reduce the fed funds rates this year," said Joel Kan, MBA's vice president and deputy chief economist.

Persons: Joel Kan Organizations: Mortgage, Mortgage News

☆ Mortgage rates surge higher again, causing homebuyers to pull back
▼ + stars: | 2024-02-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a brief reprieve in December and January, mortgage rates are moving higher again, and that is taking its toll on mortgage demand. Total mortgage application volume fell 2.3% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "That's because mortgage rates are climbing again and winter weather has been harsher than usual in much of the country, keeping some house hunters at home." Mortgage rates surged even higher Tuesday after a government report on inflation showed it was still stubbornly higher than expected. "The bond market (which underlies mortgage rates) reacted immediately and forcefully when the numbers came out.

Persons: Joel Kan, Chen Zhao, Bonds, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Pico Rivera , California, Redfin

☆ 30-year mortgage rate rises to the highest level in 2 months
▼ + stars: | 2024-02-14 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

The 30-year fixed mortgage rate spiked to 6.87% in the last week, the highest level in two months. Elevated borrowing costs for prospective buyers sent mortgage applications lower. A hot inflation report for January is likely to keep borrowing costs elevated as the Fed stays hawkish. The 30-year fixed mortgage rate jumped to 6.87% in the week ending February 9th, marking the highest level since early December 2023's average of 6.43%, according to Mortgage Bankers Association data released on Wednesday. AdvertisementThe uptick in mortgage rates reversed the declines seen over the past few months.

Persons: —, Joel Kan, bode, Redfin Organizations: Service, Mortgage Bankers Association Locations: American

☆ Weekly mortgage demand from homebuyers is flattening as interest rates rise
▼ + stars: | 2024-02-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand is struggling to contend with what appears to be another upswing in interest rates. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Together, those two jumps made for the third-biggest increase in mortgage rates since March 2020. The refinance share of mortgage activity increased to 35.4% of total applications from 34.2% the previous week. Mortgage rates fell back slightly on Tuesday, but the move higher was an adjustment to surprisingly strong economic data, according to Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham, They've Organizations: Mortgage, U.S . Labor Department, Mortgage News Daily, Mortgage News, CNBC PRO

☆ Weekly mortgage demand drops as buyers struggle to find affordable homes
▼ + stars: | 2024-01-31 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After rising for several weeks, mortgage demand fell last week as buyers faced increased competition for a limited supply of homes. Total mortgage application volume fell 7.2% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Lower mortgage rates are putting more pressure on home prices, and are bringing more buyers into the market, increasing competition. Mortgage rates have barely moved in the last two weeks, but that could soon change. Friday's monthly employment report could also impact markets and swing mortgage rates in either direction depending on what it says about the broader economy.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Clarksburg , Maryland

☆ Homebuyer demand pushes mortgage applications higher, even as interest rates inch up again
▼ + stars: | 2024-01-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates rose slightly last week, but that did not seem to deter homebuyers who have come back after the holidays. Mortgage applications to purchase a home rose 8% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand, however, was still 18% lower than the same week one year ago, when rates were lower. "Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity," said Joel Kan, an MBA economist, in a release. Mortgage rates moved higher at the start of this week, although there appears to be no particular reason for the increase.

Persons: homebuyers, Joel Kan Organizations: Mortgage, Mortgage News, CNBC PRO Locations: Alhambra , California

☆ Mortgage demand surges more than 10% as lower interest rates lure homebuyers
▼ + stars: | 2024-01-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

(Photo by ROBERTO SCHMIDT / AFP) (Photo by ROBERTO SCHMIDT/AFP via Getty Images)Another drop in mortgage interest rates caused a run on loans last week. Mortgage rates were about half a percentage point (52 basis points higher) one year ago. Nakita Bell, who is currently renting in Detroit, said the recent drop in rates prompted her to consider buying. Lower rates are also giving some current homeowners an opportunity to save money. While the vast majority of current borrowers have rates lower than those offered today, the recent drop is still having some effect on those whose loans carry higher rates.

Persons: Homeownership, Joe Biden, ROBERTO SCHMIDT, Joel Kan, Nakita Bell, I'm Organizations: AFP, Getty, Mortgage Locations: Clarksburg , Maryland, Detroit

☆ Mortgage demand jumps nearly 10% to start the year, even as interest rates tick up again
▼ + stars: | 2024-01-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Real estate agents, however, say they are starting to see a new surge in demand from buyers who were sidelined by the higher rate environment. More consumers also said they expect mortgage rates to fall further, according to a recent report from Fannie Mae. Mortgage rates increased again slightly to start this week, but remain in the 6% range. If it is higher than expected, signaling there is more to do to curb inflation, mortgage rates could move up even more.

Persons: Joel Kan, Fannie Organizations: Mortgage, New, CNBC PRO Locations: Hercules , California, Fannie Mae

☆ Mortgage demand down 9.4% for final week of 2023, despite recent drop in interest rates
▼ + stars: | 2024-01-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand ended 2023 on a sour note, despite a sharp drop in mortgage interest rates during December. Total application volume was down 9.4% for the week ended Dec. 29, compared with two weeks earlier, according to the Mortgage Bankers Association's seasonally adjusted index. The average rate on the 30-year fixed ended the year at 6.76%, lower than where it was two weeks ago, but higher than it was a week ago. The builders are a bright spot, especially because they can buy down mortgage rates, but new homes do come at a price premium. Mortgage rates started this week higher after also edging up on Friday.

Persons: Joel Kan, refinanced, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Daily, Reserve, CNBC PRO Locations: Miami , Florida

☆ Mortgage rates drop for fifth straight week
▼ + stars: | 2023-11-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

It’s the fifth straight week rates have moved lower. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. According to a forecast from Realtor.com, the average mortgage rate is projected to be 6.8% in the next year. “As mortgage rates are expected to remain elevated, current homeowners with low mortgage rates are expected to stay put, leading to a decline in for-sale inventory,” said Xu.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Khater, Jiayi Xu, Xu, ” Xu, Joel Kan, ” Kan Organizations: DC CNN —, Inflation, Federal, Realtor.com, Treasury, Mortgage, Association Locations: Washington

☆ Mortgage demand from homebuyers gets a boost as interest rates continue to fall
▼ + stars: | 2023-11-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates fell last week for the fourth time in five weeks, and homebuyers appear to be responding. That left total mortgage application volume essentially flat last week, up just 0.3% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home rose 5% for the week but were still 19% lower than the same week one year ago. Mortgage rates are now 88 basis points higher than they were a year ago, but most current homeowners refinanced when rates were at record lows two years ago. "With rates already at two-month lows last week, the result is gentle descent to slightly lower two-month lows."

Persons: Joel Kan, Matthew Graham, Graham Organizations: Mortgage, Mortgage News, CNBC PRO Locations: refinance

☆ Mortgage demand jumps to six week high as interest rates continue to drop
▼ + stars: | 2023-11-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Total application volume increased 3% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Most mortgage rates in our survey decreased, with the 30-year fixed mortgage rate decreasing to the lowest rate in two months," said Joel Kan, MBA's deputy chief economist. Applications to refinance a home loan increased 2% for the week and were just 4% lower than the same week one year ago. Applications for a mortgage to purchase a home increased 4% week to week but were still 20% lower than one year ago. Mortgage rates moved slightly lower this week, but analysts are not expecting any major moves in the near future.

Persons: Joel Kan, Kan, Matthew Graham Organizations: U.S . Mortgage, Mortgage, National Association of Realtors, Mortgage News Locations: Columbus , Ohio, U.S

☆ Mortgage demand climbs to the highest level in five weeks after interest rates move lower
▼ + stars: | 2023-11-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Current homeowners and potential homebuyers are responding to lower mortgage rates, albeit slowly. Mortgage demand rose 2.8% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Although Treasury rates dipped midweek, mortgage rates were little changed on average through the week," said Joel Kan, MBA's vice president and deputy chief economist. Most borrowers carry much lower interest rates due to the record low rates seen during the first few years of the Covid-19 pandemic. Lower rates may help a little, but still-rising home prices and the still-low supply of homes are bigger hurdles for today's potential buyers.

Persons: Joel Kan Organizations: Mortgage

☆ US bond rally points to more affordable housing market
▼ + stars: | 2023-11-15 | by ( Amina Niasse | ) www.reuters.com time to read: +3 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsNEW YORK, Nov 15 (Reuters) - Growing confidence that U.S. bond yields have hit their peak and could head lower from here looks set to make the housing market more affordable in coming weeks. Some analysts think mortgage rates are positioned to come down even more quickly as the spread between conventional 30-year mortgage rates and the 10-year Treasury yield, now near the largest since the 1980s, normalizes. "That's part of the reason why mortgage rates are so elevated - because of that uncertainty on rates and the volatility of rates," Kiefer said. Reuters GraphicsMeasures of bond market volatility have fallen from earlier this year, and as bond yields show signs of falling further, home affordability may be set to improve. The median mortgage payment has risen steadily since 2022, and is now 11% higher than the current period last year.

Persons: Sarah Silbiger, Freddie Mac, Len Kiefer, Freddie Mac's, Kiefer, Joel Kan, Kan, Amina Niasse, Paul Simao Organizations: REUTERS, Federal, Treasury, Reuters, Mortgage Bankers Association, Thomson Locations: Washington , U.S, Treasuries

☆ Mortgage rates plummet by largest amount in a year
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates tumbled this week in the biggest one-week drop since last November. “Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. But while mortgage rates remain relatively high, the difference between rates now and what they were a year ago has narrowed, said Lisa Sturtevant, chief economist at Bright Multiple Listing Service. “We are in a new era for mortgage rates, where prospective homebuyers can expect rates to settle above 6%,” said Sturtevant.

Persons: It’s, Freddie Mac, ”, Sam Khater, Freddie Mac’s, Joel Kan, Jiayi Xu, Xu, Realtor.com, Lisa Sturtevant, Sturtevant Organizations: DC CNN —, “, Treasury, Mortgage, Association Locations: Washington

☆ Mortgage rates plunge and demand finally inches back
▼ + stars: | 2023-11-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month. Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage rates are pretty close to where they were at this time last year, so there is not a lot of incentive to refinance. Mortgage rates started the week slightly higher, but this week holds fewer economic events or reports that would influence rates. Last week's combination of the Federal Reserve's pause on interest rates and a lower-than-expected monthly employment report was the perfect storm for the dramatic move lower in rates.

Persons: Joel Kan Organizations: Mortgage, U.S

☆ Adjustable-rate mortgage demand jumps nearly 10% as buyers struggle to afford housing market
▼ + stars: | 2023-11-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

As mortgage rates hover near the highest level in more than two decades, homebuyers are turning to riskier mortgage products to help them get into a home. The ARM share of mortgage applications is now at the highest level in nearly a year. Applications for a mortgage to purchase a home dropped 1% for the week and were 22% lower year over year. Purchase applications decreased to their lowest level since 1995 and refinance applications to the lowest level since January 2023," Kan added. Markets now await news from the Federal Reserve on Wednesday to see if there will be any relief from higher interest rates.

Persons: Joel Kan, Kan Organizations: Mortgage, Association, ARM, Federal Reserve

☆ Adjustable-rate mortgage demand hits highest level in nearly a year as interest rates continue to climb
▼ + stars: | 2023-10-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand has essentially stalled at the slowest pace since 1995 as mortgage interest rates continue to rise. Total application volume dropped 1% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The adjustable-rate mortgage share of total demand hit 9.5%, the highest level in nearly a year. That annual comparison is shrinking because refinancing crashed just over a year ago, when mortgage rates first started to rise sharply. Buyers right now are not only contending with higher mortgage rates, but also with bare minimum supply.

Persons: Joel Kan, Refinances Organizations: Mortgage, CNBC Locations: New York City

☆ U.S mortgage rates soar to highest in more than 23 years
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

A "For Rent, For Sale" sign is seen outside of a home in Washington, U.S., July 7, 2022. The 7.9% average contract rate for a 30-year fixed-rate mortgage during the week ended Oct. 20 was up 20 basis points from the prior week, the Mortgage Bankers Association said. "Mortgage activity continued to stall, with applications dipping to the slowest weekly pace since 1995," MBA vice president and deputy chief economist Joel Kan said. "These higher mortgage rates are keeping prospective homebuyers out of the market and continue to suppress refinance activity." The 30-year fixed rate mortgage is up 81 basis points since then, tracking a similar rise in the yield on the 10-year Treasury note, the main benchmark for longer-term U.S. borrowing rates.

Persons: Sarah Silbiger, Joel Kan, Ann Saphir, Toby Chopra Organizations: REUTERS, Mortgage Bankers Association, Federal Reserve, Thomson Locations: Washington , U.S, U.S

High mortgage rates have sparked a renewed interest in adjustable-rate mortgages as borrowers try to carve out affordability in an increasingly unaffordable market. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesLast week's average 30-year fixed mortgage rate is 7.57%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.89% last week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.

Persons: Joel Kan, you'll, Freddie Mac Organizations: Mortgage Bankers Association, ARM, Zillow, Federal Reserve Locations: Chevron

☆ Mortgage demand falls to the lowest level since 1995 as interest rates near 8%
▼ + stars: | 2023-10-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates last week rose for the sixth straight week, causing demand for home loans to drop to the lowest level since 1995. Total application volume fell 6.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home dropped 6% week to week and were 21% lower than the same week one year ago. ARMs offer lower rates and can be fixed for up to 10 years before the rate resets. Mortgage rates moved even higher to start this week, with the 30-year fixed hitting 7.92% on Tuesday, according to Mortgage News Daily.

Persons: Joel Kan Organizations: Lennar Corporation, Mortgage, Mortgage News, CNBC Locations: Morristown, Morristown , New Jersey

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