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☆ Weekly mortgage refinance demand rose 5% after a slight dip in mortgage rates
▼ + stars: | 2024-05-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates are significantly higher than they were at the start of this year, but they pulled back slightly last week after several weeks of straight increases. "First-time homebuyers account for roughly half of purchase loans, and the government lending programs are an important source of financing for these homebuyers. The dip in rates caused refinance demand to increase 5% for the week, although it was still 6% lower than the year-earlier week. Applications for a mortgage to purchase a home rose 2% for the week but were still 17% lower than the same week a year earlier. Mortgage rates fell further to start this week.

Persons: Mike Fratantoni, MBA's, Fratantoni Organizations: Federal Reserve's, Federal Housing Administration Locations: Manhattan, New York City

☆ How a strained consumer 'plays right into' the hands of this discount retailer
▼ + stars: | 2024-05-07 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

"That all really kind of plays right into Ollie's hands." Her $92 price target implies about 17%% upside from Monday's close. The average analyst has a buy rating and target for shares suggesting upside of more than 12%, according to LSEG. Ollie's shares are lagging the broader market in 2024 with a gain of almost 5% versus the S & P 500's 9% gain. OLLI 1Y mountain Ollie's shares over the past 12 months.

Persons: Anthony Chukumba, it's, Price, Melanie Nuñez, Ollie's, Nuñez, Chukumba, OLLI, Truist's Scot Ciccarelli, Ciccarelli, TJ Maxx, BofA's Nuñez, Chukumba's, FirstCash Organizations: Capital, Federal, Amazon, Walmart, Bank of America, Wall, Ross Locations: McDonald's, Harrisburg , Pennsylvania, Monday's, Ollie's

☆ Demand for riskier adjustable-rate mortgages hits highest level of the year, due to rising rates
▼ + stars: | 2024-05-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

When mortgage rates rise, consumers look for any way to lower their monthly payments, and that often leads them to adjustable-rate mortgages (ARMs). These loans offer lower interest rates than their fixed-rate counterparts but are considered riskier. When mortgage rates hit record lows back in 2021, the ARM share of applications was in the 3% range. Meanwhile, the average contract interest rate for 5/1 ARMs decreased to 6.60% from 6.64%. "Inflation remains stubbornly high, and this trend is convincing markets that rates, including mortgage rates, are going to stay higher for longer.

Persons: Mike Fratantoni Organizations: Mortgage, Association, ARM, MBA's, Federal Reserve Locations: Hawthorn Woods , Illinois

☆ The live-action 'Lion King' prequel 'Mufasa' will star both Beyoncé and Blue Ivy — here's everything we know
▼ + stars: | 2024-04-29 | by ( Kirsten Acuna | Palmer Haasch | ) www.businessinsider.com time to read: +6 min

Disney's live-action "The Lion King" remake is getting a prequel in 2024 called "Mufasa: The Lion King." AdvertisementDisney's prequel to its "The Lion King" remake, "Mufasa: The Lion King," has finally gotten its first trailer — and as luck would have it, this film stars Beyoncé too. Here's everything we know about "Mufasa: The Lion King." Timon and Pumbaa are seen in 2019's "The Lion King." "Mufasa: The Lion King" serves as an origin story for Simba's father.

Persons: Disney's, King, Oscar, Barry Jenkins, Disney, Ivy, —, Beyoncé, Jon Favreau's, Simba, Sean Bailey, Jenkins, Mufasa, Rafiki, hasn't, Scar, Mufasa's, Chiwetel Ejiofor, Aaron Pierre, James Earl Jones, Tiffany Boone, Kelvin Harrison Jr, Taka, Mads Mikkelsen, Kiros, Nala, Simba's, Blue Ivy, Pumbaa, Seth Rogen, Billy Eichner, Donald Glover, John Kani, he's, Walt, Timon Organizations: Service, Disney, Walt Disney Studios, Pride Rock Locations: Pride

☆ 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

Morgan Stanley raised its price target on Ford after the company reassessed its electric vehicle strategy. That "paints path to ~$230-$290 stock price as we argue AMZN could warrant an even higher multiple in this scenario," he added. — Michelle Fox 7:38 a.m.: Evercore hikes Disney price target, points out near-term catalysts Walt Disney has a bright near-term outlook, according to Evercore ISI. In addition to cutting his price target, Harned also pulled down his outlook for free cash flow and deliveries. — Alex Harring 5:48 a.m.: KeyBanc raises Nvidia price target There's no slowing down Nvidia , according to KeyBanc.

Persons: Morgan Stanley, KeyBanc, Brian Nowak, Jon Tower, — Michelle Fox, Walt Disney, Vijay Jayant's, Jayant, Bob Iger, — Lisa Kailai Han, David Palmer, Palmer, Uber, — Alex Harring, Bernstein, Douglas Harned, Harned, Dave Calhoun, Alex Harring, Anthony Chukumba, Chukumba, selloff, Ross Seymore, Seymore, TD Cowen, Doug Anmuth, Anmuth, there's, John Blackledge, Blackledge, Jason Bazinet, Bazinet, There's, Goldman, Goldman Sachs, Kate McShane, McShane, BJ, Mark Strouse, Strouse, Adam Jonas, Jonas, Ford, John Vinh, Vinh, Fred Imbert Organizations: CNBC, Monday's, Ford, Nvidia, Amazon, Citi Citi, Grill, ISI, Disney, India's Reliance Industries, Reliance Industries, Netflix, Hulu, Boeing, Dow Jones, Capital, Loop Capital, Deutsche Bank, Broadcom, VMWare, JPMorgan, Citi, BJ's Wholesale, GE, GE Vernova Locations: Michigan, Alaska, F1Q, California, The Massachusetts, Friday's, China

☆ 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

☆ Buy this 'stealth' home improvement stock as housing market improves, Loop Capital says
▼ + stars: | 2024-03-19 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

It may not be investors' first idea when thinking of home improvement stocks, but Loop Capital sees Best Buy as an under-the-radar pick as the housing market improves. Loop managing director Anthony Chukumba, who has a buy rating on Best Buy, sees the electronics retailer as a potential "stealth housing play." "We were encouraged by the latest macroeconomic data, particularly the ongoing labor market strength and the housing market 'green shoots,'" Chukumba wrote to clients. Chukumba said home furnishing retailers such as Floor & Decor , RH and Williams-Sonoma should also benefit as the housing market improves. Best Buy shares have struggled this year, shedding about 2% and lagging far behind the rest of the market.

Persons: Anthony Chukumba, Chukumba Organizations: Williams Locations: Sonoma, Minnesota

☆ OpenAI cofounder says he's sad to witness the 'unnecessary' feud between Elon Musk and Sam Altman
▼ + stars: | 2024-03-06 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

OpenAI cofounder Wojciech Zaremba called Elon Musk and Sam Altman's ongoing feud "unnecessary." Several OpenAI cofounders fired back against Musk in a blog post on the company's website. AdvertisementOpenAI cofounder Wojciech Zaremba said it's been "sad" to witness Elon Musk and Sam Altman engage in an "unnecessary fight." Elon wanted majority equity, initial board control, and to be CEO. "Elon wanted majority equity, initial board control, and to be CEO.

Persons: Wojciech Zaremba, Elon Musk, Sam Altman's, Sam Altman, cofounders, —, it's, Musk, OpenAI, Zaremba, we've, Musk's, Elon, OpenAI didn't Organizations: Elon, OpenAI, Service, Microsoft

☆ Weekly mortgage demand surges 11% as more homes hit the spring market
▼ + stars: | 2024-03-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Spring hasn't officially sprung yet, but the spring housing market already appears to be on the move despite stubbornly higher mortgage rates. Mortgage applications to purchase a home increased 11% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. There were 14.8% more homes actively for sale in February compared with the same time last year, according to Realtor.com. Notably, homes priced in the $200,000 to $350,000 range grew by 25% from a year ago, outpacing all other price categories. There are very few borrowers today with rates that are high enough to benefit from a refinance.

Persons: Mike Fratantoni, Danielle Hale, Realtor.com Organizations: Spring, Mortgage, –, MBA's Locations: Hawthorn Woods , Illinois

☆ 7% interest rates hit weekly mortgage demand hard
▼ + stars: | 2024-02-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Higher mortgage rates continue to hit demand from both current homeowners and potential homebuyers. Total mortgage application volume dropped 5.6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Fratantoni noted, however, that mortgage demand from buyers looking at newly built homes jumped 19% year over year in January. However, mortgage rates above 7% sure don't help," he added. Mortgage rates moved higher again to start this week, according to a separate survey from Mortgage News Daily.

Persons: Mike Fratantoni, Fratantoni, Matthew Graham Organizations: Mortgage, VA, FHA, Mortgage News

In its latest forecast, the Mortgage Bankers Association predicts that 30-year mortgage rates will fall to 6.1% by the end of this year. This means we'll likely have to deal with high mortgage rates for at least a few more months. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Back Below 6% (-0.12%)The average 15-year mortgage rate is 5.91%, down just 12 points from last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: Mike Fratantoni, MBA's, you'll, It's, refinance Organizations: Mortgage, Association, Survey, Zillow, FHA Locations: Chevron

☆ Mortgage demand takes a massive hit as interest rates cross back over 7%
▼ + stars: | 2024-02-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates surged last week to the highest level since early December, and that hit mortgage demand hard. "Potential homebuyers are quite sensitive to these rate changes, as affordability is strained with both higher rates and higher home values in this supply-constrained market," Fratantoni added. With rates higher, the adjustable-rate mortgage (ARM) share of activity increased to 7.4% of total applications. ARMs offer lower interest rates but are considered more risky because they can adjust higher after a fixed period. Mortgage rates jumped even higher Friday after a monthly government report on wholesale prices showed inflation is still persistent and hotter than most analysts had expected.

Persons: Mike Fratantoni, Fratantoni Organizations: Woodland, Lifestyle Homes, Mortgage Locations: Cold Springs , Nevada

☆ 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

☆ Commercial mortgage lending to jump 29% in 2024 after slowest year in a decade, Mortgage Bankers Association says
▼ + stars: | 2024-01-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Commercial mortgage borrowing will rise 29% this year, the Mortgage Bankers Association estimates. AdvertisementCommercial and multifamily mortgage borrowing and lending is forecast to surge 29% from last year's estimated total of $444 billion, the Mortgage Bankers Association estimates. "2023 is likely to go into the record books as the slowest year for commercial real estate borrowing and lending in roughly a decade," MBA Head of Commercial Real Estate Research Jamie Woodwell said in the report. AdvertisementTighter monetary policy since 2022 has pushed up borrowing costs across the commercial real estate market, and resulted in stricter lending standards among mortgage originators. Raichura expects prices to drop off another 10% this year, while a December outlook from NBER outlined that total commercial real estate losses could amount to $160 billion.

Persons: —, Jamie Woodwell, Kiran Raichura, Woodwell Organizations: Mortgage, Association, Service, Real, Federal Reserve

☆ 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

☆ Office properties lead surge in commercial real estate delinquency rates
▼ + stars: | 2024-01-16 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Delinquency rates on loans backed by office properties jumped to 6.5% in the fourth quarter, an MBA survey found. Out of all the commercial real estate loan delinquency rates tracked by the survey, office loans led the pack. AdvertisementFinancial troubles continue to plague the office market, which led an increase in commercial real estate loan delinquency rates. Zooming out, the commercial real estate sector has been in a pinch ever since interest rate hikes made borrowing money a lot more expensive. AdvertisementStill, MBA's survey found that while the office market segment of commercial real estate is still wobbling, other slices of the sector are recovering.

Persons: —, multifamily, Jamie Woodwell Organizations: Service, Financial, Mortgage Bankers Association, Capital Economics

☆ 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 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

☆ US mortgage interest rates fall to two-month low
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +2 min

A more timely mortgage tracker also saw the average rate on a 30-year fixed-rate mortgage fall to a two-month low. The third consecutive weekly decline in both gauges comes amid signals that the Federal Reserve is unlikely to raise interest rates further. The dip in mortgage rates meant more would-be purchasers. The MBA's Purchase Composite Index, a measure of all mortgage loan applications for purchase of a single family home, increased 3.9% from the prior week. Sellers locked into lower mortgage rates also continue to hold their homes, keeping housing inventory tight.

Persons: Sarah Silbiger, Freddie Mac, Sellers, Lindsay Dunsmuir, Chizu Nomiyama, Will Dunham Organizations: REUTERS, Mortgage Bankers Association, Federal, Thomson Locations: Washington , U.S, 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

☆ Portuguese Judge Orders Release of Those Detained in Corruption Probe
▼ + stars: | 2023-11-13 | by ( Nov. | At A.M. | ) www.usnews.com time to read: +1 min

LISBON (Reuters) - A Lisbon judge ordered on Monday that all five people detained last week for alleged corruption and influence-peddling, including the outgoing Portuguese prime minister's former chief of staff, be released from custody, the court said. They remain suspects in the investigation into alleged illegalities in the government's handling of lithium and hydrogen projects, as well as a large-scale data centre. The probe has led to the resignation of Prime Minister Antonio Costa, who is the target of a related investigation, and a snap election being called for March 10. Lacerda Machado was released on a 150,000-euro ($160,305) bail, while no bail was demanded for Escaria, who will be barred from travelling abroad, the court said. Others were named formal suspects in the investigation but were not detained, including Infrastructure Minister Joao Galamba, and head the environment agency APA, Nuno Lacasta.

Persons: Antonio Costa, Prosecutors, Vitor Escaria, Diogo Lacerda Machado, Costa's, Lacerda Machado, Joao Galamba, Nuno Lacasta, Costa, Catarina Demony, Andrei Khalip, Aislinn Laing Organizations: Escaria, Infrastructure Locations: LISBON, Lisbon

Portugal's Prime Minister and Socialist Party (PS) Secretary General Antonio Costa looks on after winning the general election in Lisbon, Portugal, January 31, 2022. REUTERS/Pedro Nunes/File Photo Acquire Licensing RightsLISBON, Nov 11 (Reuters) - Portugal's premier Antonio Costa, who resigned this week, told foreign investors on Saturday the country was open for business and wanted to remain attractive despite an ongoing corruption probe into "green" energy projects. Costa stepped down on Tuesday over an investigation into alleged illegalities in his government's handling of lithium and hydrogen projects, as well as a large-scale data centre. The data centre project, Start Campus, has been dubbed "one of the biggest foreign direct investments in Portugal in recent decades". The company said it was cooperating with authorities but that neither the company nor any of its staff were the targets of the investigation.

Persons: General Antonio Costa, Pedro Nunes, Antonio Costa, Costa, illegalities, Marcelo Rebelo de Sousa, Afonso Salema, Joao Galamba, Vitor Escaria, embarrasses, Catarina Demony, David Gregorio Our Organizations: Portugal's, Socialist Party, REUTERS, Rights, Savannah Resources, Authorities, Thomson Locations: Lisbon, Portugal, Rights LISBON, London, Savannah, Portuguese

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