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Many Americans have been holding back from jumping into the housing market in the hopes that mortgage rates will decline. The average 30-year mortgage rate has been above 6% for two years — and is likely to stay above that level for the foreseeable future, experts say. “Sixes are the new normal,” said Lisa Sturtevant, chief economist at Bright MLS, a mortgage listing services group, referring to 6% mortgage rates. It’s really not going to be impacting mortgage rates at all.”Mortgage rates work differently. When demand for those increases, mortgage rates tend to fall.

Persons: Donald Trump’s, ”, Lisa Sturtevant, Brian Rehling, Trump, Mike Fratantoni, ” Fratantoni, Helene, ” Samuel Tombs, Tombs, Sturtevant, “ It’s Organizations: Federal, Bright MLS, Federal Reserve, Wells, Investment Institute, ”, U.S, Mortgage, Association, “, National Association of Realtors, Pantheon, NBC

☆ Weekly mortgage demand drops as interest rates hit the highest level since August
▼ + stars: | 2024-10-09 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

An abrupt turn higher for mortgage interest rates caused weekly demand from both potential homebuyers and current homeowners to drop. Total mortgage application volume fell 5.1% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "In the wake of stronger economic data last week, including the September jobs report, mortgage rates moved higher," said Mike Fratantoni, chief economist at the Mortgage Bankers Association. Last year at this time, mortgage rates were 131 basis points higher. Mortgage rates moved sharply higher last Friday, following the release of the stronger-than-expected monthly employment report, according to a separate survey from Mortgage News Daily.

Persons: Mike Fratantoni, Fratantoni, Matthew Graham Organizations: Mortgage, Association, Mortgage News Locations: Los Angeles , California

☆ Mortgage rates spike after stronger-than-expected jobs report
▼ + stars: | 2024-10-04 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the 30-year-fixed mortgage jumped 27 basis points Friday morning following the release of the government's monthly employment report. Mortgage rates do not follow the Fed, but they loosely follow the yield on the 10-year U.S. Treasury. For mortgage rates, it is all about what the expectation is next for the Fed. "MBA's forecast is for longer-term rates, including mortgage rates, to remain within a relatively narrow range over the next year," Mortgage Bankers Association's chief economist Michael Fratantoni wrote after the jobs report was released. "This news will push mortgage rates to the top of that range, but we do expect that mortgage rates will stay close to 6% over the next 12 months."

Persons: Matthew Graham, Michael Fratantoni Organizations: Mortgage News, Federal Reserve, Treasury, Mortgage, Association's

☆ Red hot refinance demand retreats after tiny bump higher in mortgage rates
▼ + stars: | 2024-10-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates moved ever so slightly higher last week, but it was enough to take a little heat out of what had been a briefly red hot refinance market. That caused total mortgage application volume to fall 1.3% for the week, according to the Mortgage Bankers Association's seasonally adjusted index. The rate was 139 basis points higher the same week one year ago. As a result, mortgage rates were up modestly," said Mike Fratantoni, MBA's SVP and chief economist in a release. Mortgage rates moved very slightly lower again to start this week, as bond yields dipped following escalations in the bombing in the Middle East conflict.

Persons: Mike Fratantoni, Fratantoni Organizations: Mortgage, MBA's

☆ Mortgage rates plunge to the lowest level in over a year after weak employment report
▼ + stars: | 2024-08-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily. The 15-year fixed rate fell to 5.89%, its lowest level since early May 2023. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury. The 30-year fixed rate started the week at 6.81%, so the drop in just the past five days is dramatic. Buyers were battling not just high interest rates but high home prices and a lack of supply.

Persons: Jerome, Powell didn't, Matthew Graham, Graham, Mike Fratantoni Organizations: Mortgage News, Treasury, Federal, Buyers, Mortgage, Association, Mortgage Bankers Association

☆ Mortgage demand flattens even as interest rates hit the lowest level since March
▼ + stars: | 2024-06-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Consumers seemed unimpressed by the latest drop in mortgage rates. Total mortgage application volume rose just 0.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage rates dropped last week following the latest inflation data and the FOMC meeting," said Mike Fratantoni, MBA's SVP and chief economist. Mortgage applications to purchase a home rose 2% for the week and were 12% lower than the same week one year ago. Mortgage rates moved a little bit higher to start this week but then pulled back Tuesday after weaker than expected retail sales data.

Persons: Mike Fratantoni, Matthew Graham Organizations: Mortgage, MBA's, Mortgage News

☆ A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived
▼ + stars: | 2024-06-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates dropped for much of last week, causing total mortgage application volume to surge nearly 16% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. But rates jumped back up again after a stronger-than-expected monthly employment report Friday. For the bulk of the week, rates were lower than that, but Friday's news caused rates to jump 12 basis points, according to a separate survey from Mortgage News Daily. Homebuyers are not only contending with high interest rates but also high home prices. A monthly survey from Fannie Mae found 86% of consumers say now is a bad time to buy a home.

Persons: Mike Fratantoni, Fannie Mae, Fratantoni, Matthew Graham of Organizations: Mortgage, Mortgage News, Federal Reserve, Matthew Graham of Mortgage News

☆ Mortgage demand falls for the second straight week, but all eyes are on Friday's jobs report
▼ + stars: | 2024-06-05 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates last week moved to the highest level since early May, and that pushed mortgage demand lower for the second straight week. Total mortgage application volume fell 5.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home fell 4% for the week and were 16% lower than the same week a year ago. Buyers are not only contending with higher interest rates. Mortgage rates ended last week with a sharp drop on Friday and then continued to slide this week.

Persons: –, Mike Fratantoni, Fratantoni, Matthew Graham of, Graham Organizations: Mortgage, MBA's, Government, Matthew Graham of Mortgage News Locations: Austin , Texas

☆ 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 rates jump back over 7% as stronger economic data rolls in
▼ + stars: | 2024-02-05 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Mortgage rates have been on a wild ride since the summer, briefly crossing to a 20-year high of 8% in October. Mortgage rates do not follow the Fed directly, but they follow loosely the yield on the 10-year Treasury, which is heavily influenced by the central bank's impression of the economy at any given time. As mortgage rates fell over the past two months, buyers seemed to be returning to the market. Mortgage applications to purchase a home had been rising steadily, but fell back in the last few weeks, as mortgage rates edged higher. "If we see more data like last Friday's jobs report, rates will have a hard time getting back below 7%.

Persons: Li Jianguo, Matthew Graham, Michael Fratantoni, Graham Organizations: National Association of Realtors, Getty, Mortgage News, Federal, Treasury, Fed, Mortgage, Association . Mortgage, CNBC PRO Locations: Millbrae , California, United States, Xinhua

☆ 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

☆ The Hottest Thing in Real Estate Is a Loan From Two Years Ago
▼ + stars: | 2023-06-10 | by ( Conor Dougherty | ) www.nytimes.com time to read: +2 min

From the pedestrian to the dodgy, it all seems to underscore the manner in which the nation’s real estate market has been frozen by regret. In lieu of acceptance, a determined few are trying to use imagination and fine print to build a portal to the cheap-money days of 2021. In theory, any of the millions of homeowners holding a assumable low-rate mortgage have a valuable perk to sell with their home. Still, real estate agents say it can be hard in practice to transfer them. For instance, homeowners who transfer a V.A.-backed mortgage can lose their ability to get another similar loan unless they can find a V.A.-eligible buyer to take their original mortgage.

Persons: ”, influencers, “ It’s, Scott Trench, Sellers, Michael Fratantoni, Black Knight Organizations: Federal Housing Administration, Department of Veterans Affairs, Department of Agriculture, Mortgage, Association Locations: U.S

☆ Mortgage demand drops to the lowest level in three months
▼ + stars: | 2023-05-31 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates shot higher last week, as stronger economic data stoked more fear that the Federal Reserve will not lower interest rates anytime soon. In turn, mortgage demand dropped to the lowest level since the end of February. "While refinance demand is almost entirely driven by the level of rates, purchase volume continues to be constrained by the lack of homes on the market." With home prices starting to regain steam, mortgage rates higher and inventory levels still well below normal, potential homebuyers are getting hit from all sides on affordability. The direction of mortgage rates depends mostly on new reads on the economy.

Persons: Michael Fratantoni Organizations: Federal Reserve, Mortgage Bankers Association

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.

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