DIRS.INFO The most relevant business & tech news

☆ 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

☆ Opinion | The Case for Letting Mortgages Move With Us
▼ + stars: | 2024-05-06 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

At the moment, the market for existing homes is partly frozen because people who have 3 percent mortgage loans don’t want to give them up for 7 percent loans on new homes. Making mortgages portable sounds unrealistic. After all, mortgages are tied by contract to particular pieces of property. “We’re getting this question a lot, even from our own members,” Mike Fratantoni, the group’s chief economist, told me. Nevertheless, he said he couldn’t imagine that owners of securitized loans would go along with the idea.

Persons: Fannie Mae, Freddie Mac, “ We’re, ” Mike Fratantoni, there’s Organizations: Federal Housing Finance Agency, Mortgage Bankers Association

☆ 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

☆ Weekly mortgage demand jumps again as interest rates fall just below 7%
▼ + stars: | 2024-03-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

A For Sale sign is posted in front of a home for sale in San Marino, California on September 6, 2023. Mortgage rates swung slightly lower last week, fueling a significant jump in mortgage demand for the second straight week. Total application volume rose 7.1%, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home rose 5% for the week but were still 11% lower than a year ago. Mortgage rates rose slightly at the start of this week, after a government report on consumer prices came in higher than expected Tuesday.

Persons: Mike Fratantoni, Matthew Graham Organizations: Mortgage, Mortgage News Locations: San Marino , California

☆ 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

☆ Mortgage rates edge closer to 7%, dampening start of spring homebuying season
▼ + stars: | 2024-02-29 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates climbed for the fourth week in a row, inching closer to 7% just as peak homebuying season gets underway. Since reaching a 20-year high of 7.79% in October, mortgage rates have been slowly falling. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Last week, mortgage applications dropped 5.6% from the week before, according to the MBA. Higher home prices pushed loan amounts higher in January, offsetting what was a monthly decline in mortgage rates, said Edward Seiler, MBA’s associate vice president for housing economics.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit, Mike Fratantoni, Edward Seiler, MBA’s, Lawrence Yun Organizations: DC CNN —, “, Federal Reserve, Mortgage, Association, National Association of Realtors Locations: Washington

☆ 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

☆ Why a booming US job market is bad news for homebuyers
▼ + stars: | 2024-02-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Mortgage rates are unlikely to keep falling, says Mike Fratantoni of the Mortgage Bankers Association. A strong jobs market means the Fed is unlikely to ease monetary policy, keeping mortgage rates higher. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRed-hot strength in the labor market might calm recessionary fears, but it's not the greatest update for homebuyers awaiting lower mortgage rates.

Persons: Mike Fratantoni, —, it's Organizations: Mortgage, Association, Service, Business

☆ Mortgage originations will surge 19% in 2024 as a recession will force rates down, MBA says
▼ + stars: | 2023-10-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

That's because a mild recession will prompt the Fed to ease interest rates, meaning lower mortgage rates. AdvertisementAdvertisementHousing demand will rebound from this year's strained levels, after a mild recession pulls down today's high mortgage rates, the Mortgage Bankers Association predicted. These factors will give the central bank leeway to lower interest rate levels over time, which will bring down elevated mortgage levels, MBA said. Many have remained off the market this year, preferring the cheaper mortgage rates they currently hold. Even with lower mortgage rates, homebuyers can still expect high payments, scarce for-sale properties, and less credit availability.

Persons: —, That's, Mike Fratantoni Organizations: Mortgage Bankers Association, Service, Mortgage

Average 30-year mortgage rates are no longer above 7%, though they're still elevated compared to where they've been in recent 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. Mortgage Rates for Buying a Home30-year Fixed Mortgage Rates Decrease (-0.04%)The current average 30-year fixed mortgage rate is 6.89%, down four basis points since this time last week. 15-year Fixed Mortgage Rates Increase (+0.10%)The average 15-year mortgage rate is 6.17%, a 10-basis-point decrease from last week. Mortgage rates have been volatile so far in 2023, and they're higher than they were in September 2022.

Persons: they're, they've, Mike Fratantoni, you'll, refinance, It's Organizations: Fed, Mortgage Bankers Association, Zillow Locations: Chevron

Mortgage rates have been somewhat volatile in recent weeks, but they've trended down a bit over the past few days. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

☆ Homebuyer mortgage demand jumps after interest rates drop to two-month low
▼ + stars: | 2023-04-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Today's housing market is so pricey that homebuyers are highly sensitive to any distinct moves in mortgage rates. They were, however, 31% lower than the same week one year ago, when interest rates were significantly lower. Buyers have been up against not only higher rates and higher home prices, but very limited supply. At today's interest rates, there are very few borrowers who can benefit from a refinance. Mortgage rates moved higher to start this week, and they could move decidedly in either direction after the government's monthly report on inflation is released Wednesday.

☆ Lack of home listings is taking a toll on mortgage demand
▼ + stars: | 2023-04-05 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates fell last week, but demand for home loans didn't move higher as a result. Other aspects of today's housing market are outweighing the benefit of lower mortgage rates right now, namely a lack of supply. Mortgage applications to purchase a home, however, dropped 4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Although the mortgage rate for conforming balance loans declined by five basis points over the week to 6.40%, the mortgage rate for jumbo loans increased by nine basis points to 6.36%," added Fratantoni. The refinance share of mortgage activity decreased to 28.6% of total applications from 29.1% the previous week.

☆ What the banking crisis means for mortgage rates
▼ + stars: | 2023-03-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Generally, home buyers can anticipate mortgage rates to move down through the rest of this year as the banking crisis drags on, which could cool down inflation. Neither the actions of the Federal Reserve nor the bank failures directly impact mortgage rates. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Following the Fed’s announcement on Wednesday, bond yields — and the mortgage rates that usually follow them — fell. “Homebuyers in 2023 have shown themselves to be quite sensitive to any changes in mortgage rates,” Fratantoni said.

☆ Mortgage rates fall for fourth week in a row
▼ + stars: | 2023-02-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates fell slightly this week, as a smaller rate hike by the Federal Reserve signaled promising improvement on inflation. Mortgage rates have not been this low since September and are now nearly a full point below last year’s peak of 7.08%, last reached in early November. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The Federal Reserve controls short-term rates, but long-term rates, including 30-year mortgage rates, are a function of market expectations for the path of the economy,” said Mike Fratantoni, senior vice president and chief economist at the Mortgage Bankers Association. Even with lower rates in recent weeks, mortgage applications dropped 9% last week from the week before, according to MBA.

☆ Mortgage demand jumps 28% in one week, as interest rates drop to lowest point in months
▼ + stars: | 2023-01-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Consumers returned from the holiday season to find mortgage rates at their lowest point since September, and they are responding in dramatic fashion. Mortgage application volume jumped nearly 28% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Refinance demand made the biggest move, up 34% from the previous week, but it was still 81% lower than the same week one year ago. The refinance share of mortgage activity increased to 31.2% of total applications from 30.7% the previous week. Applications for a mortgage to purchase a home increased 25% week to week but were 35% lower than the same week one year ago.

☆ Mortgage refinance demand surged 6%, as rates dropped to the lowest level since September
▼ + stars: | 2022-12-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates dropped again last week, and while that did little to bolster demand from homebuyers, it did send homeowners looking for savings on their monthly payments. Applications to refinance a home loan jumped 6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home decreased 0.1% for the week and were 36% lower than the same week one year ago. "However, if mortgage rates continue to trend down, as we are forecasting, more buyers are likely to return to the market later in the year, as affordability improves with both lower rates and slower home-price growth." A separate survey from Mortgage News Daily showed the average rate on the 30-year fixed jumping 11 basis points.

☆ Cash-strapped home sellers and buyers are getting much-needed relief with four weeks of mortgage rate drops
▼ + stars: | 2022-12-10 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

This week, the average rate for a 30-year mortgage stood at 6.33% – marking the fourth consecutive week of declines. Mortgage rates have declined three quarters of a point over the last four weeks, representing the largest drop since 2008. Over the last four weeks, mortgage rates have declined three quarters of a point — marking the largest drop since 2008. The recent downturn reverses a protracted period of hikes in mortgage rates and could make home purchases more affordable for prospective buyers. There is a flip-side to the latest slide in mortgage rates, however.

☆ Mortgage rates expected to fall to 5.4% by late 2023, banking group projects
▼ + stars: | 2022-10-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

CNN —After more than doubling this year, mortgage rates are expected to retreat in 2023, according to an updated forecast from the Mortgage Bankers Association. MBA is forecasting mortgage rates to end 2023 at around 5.4%. Ultimately, the Fed’s ongoing efforts to tame inflation will slow homebuyer demand for mortgages in 2023, according to the forecast. But since more homeowners are staying put, unwilling to give up their ultra low mortgage rates, it means fewer starter homes are available. She also said that amid this slowdown, the mortgage industry will take a hit.

☆ The risk of an accidental recession is rising, Goldman Sachs says
▼ + stars: | 2022-10-24 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN Business —Goldman Sachs is urging the Federal Reserve to be patient in its quest to squash inflation. Goldman Sachs is cautioning the Fed against overdoing it. The warning from Goldman Sachs comes as recession predictions continue to pile up. By contrast, Goldman Sachs is stressing that a downturn is hardly a foregone conclusion. “The US economy is growing well below its long-term potential rate but does not appear to be on the brink of recession at the moment,” Goldman Sachs economists wrote.

☆ Mortgage demand drops further as interest rates shoot back to June high
▼ + stars: | 2022-09-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

In June the average rate on the 30-year fixed shot over 6% briefly, and that was enough to turn the once-hot housing market on its heels. Now rates are heading past 6% yet again, causing already beleaguered mortgage demand to fall even further. Mortgage applications to purchase a home dropped 1% for the week and were 23% lower than the same week one year ago. Given today's higher rates, a person buying a $400,000 home would pay close to $700 more per month than they did a year ago. Higher mortgage rates are already cooling home prices, but given how far they rose in the past few years, it will likely take significantly more cooling before affordability fully recovers.

Search resuls for: "Mike Fratantoni"

23 mentions found