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After flatlining the week before, mortgage demand rose last week, despite mortgage rates increasing for the fourth straight week. Total application volume climbed 1.7% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications for a mortgage to purchase a home rose 2% for the week but were 1% lower than the same week one year ago. Purchase demand was driven by conventional and FHA loans, with FHA purchase applications seeing a 7% increase. Mortgage rates are about flat so far this week, according to a separate survey from Mortgage News Daily.

Persons: ”, Joel Kan, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Ukraine, Russia

☆ Weekly mortgage demand inched up, despite higher interest rates. Here's why.
▼ + stars: | 2024-11-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After flatlining the week before, mortgage demand rose last week, despite mortgage rates rising for the fourth straight week. Total application volume increased 1.7% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home rose 2% for the week but were 1% lower than the same week one year ago. Purchase demand was driven by conventional and FHA loans, with FHA purchase applications seeing a 7% increase. Mortgage rates are about flat so far this week, according to a separate survey from Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Mortgage News, U.S Locations: Ukraine, Russia

Mortgage rates continued to climb last week as investors considered the future of the economy under a Trump presidency. The mortgage market basically took a breather. “Mortgage rates continued to increase last week, driven by higher Treasury yields as financial markets digested the likely impacts of a Trump presidency,” said Joel Kan, the Mortgage Bankers Association’s deputy chief economist. Last year at that time, mortgage rates were 75 basis points higher. “FHA mortgage rates bucked the overall trend and were lower over the week, which likely helped some borrowers,” Kan said.

Persons: Trump, ”, Joel Kan, Kan, ” Kan, Matthew Graham Organizations: Mortgage, “, Trump, Federal Housing Administration, U.S . Department of Veterans Affairs, Veterans, Mortgage News

☆ Weekly mortgage demand tanks 11% as interest rates surge higher
▼ + stars: | 2024-11-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates rose again last week, pulling demand from both the refinance and purchase markets. Total mortgage application volume dropped 10.8% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home decreased 5% for the week and were just 2% higher than the same week one year ago. Mortgage rates, however, are pricing some buyers out again, and concern over the economy and the election may have some sitting on the sidelines right now. Mortgage rates were essentially flat to start this week, and whatever the results, or nonresults of the election, will surely play into recent volatility.

Persons: Joel Kan, Kan Organizations: Mortgage, Federal Reserve Locations: Alhambra , California

☆ Mortgage demand stalls as interest rates surge higher ahead of election
▼ + stars: | 2024-10-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates rose last week for the fourth time in five weeks, causing another pullback in refinancing. Total mortgage application volume was essentially flat, falling 0.1% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Government refinances accounted for a large part of the decrease, dropping 12 percent over last week," wrote Joel Kan, an MBA economist, in a release. Real estate brokerages have reported a surge in interest from homebuyers recently, as the supply of homes for sale has increased. Mortgage rates moved higher to start this week.

Persons: Government refinances, Joel Kan, brokerages, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Atlanta , Georgia, refinances, Government

☆ Weekly mortgage demand tanks 17%, after interest rates hit the highest level since August
▼ + stars: | 2024-10-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates rose last week for the third straight week, hitting the highest level since August. Total mortgage application volume fell 17% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Refinance demand, which is most sensitive to weekly rate moves, fell the hardest, down 26% week-to-week. Applications for a mortgage to purchase a home fell 7% for the week but were 7% higher than the same week one year ago. The recent rise in mortgage rates may have slowed the resurgence in refinancing, but homebuyers may be less concerned about interest rates today and more concerned about the shape of the economy in the coming months.

Persons: Joel Kan Organizations: Mortgage

☆ Mortgage refinance boom takes hold, as weekly demand surges 20%
▼ + stars: | 2024-09-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

A steady decline in mortgage rates to two-year lows has current homeowners rushing to take advantage of potential savings. Applications to refinance a home loan surged 20% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "As a result of lower rates, week-over-week gains for both conventional and government refinance applications increased sharply." Mortgage applications to purchase a home rose just 1% for the week and were 2% higher than the same week one year ago. Mortgage rates haven't moved much to start this week, and will likely wait for more pressing economic data later this week and at the start of October.

Persons: Joel Kan, Kan Organizations: Mortgage Locations: San Rafael , California

Mortgage rates came down again last week, and with the expectation that they could fall further, mortgage demand suddenly jumped, especially for refinancing. The Federal Reserve is expected to make its first interest rate cut in four years on Wednesday, and while mortgage rates don’t follow the Fed exactly, they are influenced by policy. “The most important takeaway is that lower mortgage rates are not only not remotely guaranteed by [the] Fed rate cut. “Application activity was up significantly last week, as market expectations of a rate cut from the Fed pulled mortgage rates lower,” said Joel Kan, an economist with the Mortgage Bankers Association. “Homebuyers are seeing improving affordability conditions, sparked by lower rates and slower home-price growth.”

Persons: Jerome Powell’s, They’re, ”, Matthew Graham, Joel Kan, ” Kan, “ Organizations: Federal, Mortgage News, Mortgage, Labor, Fed, Association

☆ Weekly mortgage demand surges 14% higher as interest rates hit two-year low
▼ + stars: | 2024-09-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates came down again last week, and with the expectation that they could fall further, mortgage demand suddenly jumped, especially for refinancing. The Federal Reserve is expected to make its first interest rate cut in four years on Wednesday, and while mortgage rates don't follow the Fed exactly, they are influenced by policy. "The most important takeaway is that lower mortgage rates are not only not remotely guaranteed by [the] Fed rate cut. Even with this large jump in volume, it is coming off a very low base, as the vast majority of borrowers have loans with interest rates well below 5%. "Homebuyers are seeing improving affordability conditions, sparked by lower rates and slower home-price growth."

Persons: Jerome Powell's, They're, Matthew Graham, Joel Kan, Kan Organizations: Federal, Mortgage News, Mortgage, Labor, Fed, Association

☆ Mortgage rates hit lowest level since February 2023
▼ + stars: | 2024-09-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years. (Photo by Justin Sullivan/Getty Images)Mortgage rates fell for the sixth straight week last week, but mortgage demand still seems to be waiting for something bigger. That is the lowest level since February 2023 and nearly a full percentage point lower than the same week one year ago. Total mortgage demand, however, rose just 1.4% for the week, according to the MBA's seasonally adjusted index. Mortgage rates continued to move lower to start this week, according to a separate survey by Mortgage News Daily, but the monthly release of the Consumer Price Index, a measure of inflation, on Wednesday could impact the direction of rates more sharply in either direction.

Persons: Justin Sullivan, Joel Kan, Kan, Matthew Graham Organizations: National Association of Realtors, Mortgage, Association, Treasury, Federal Reserve, Labor, Mortgage News Locations: CALIFORNIA, Larkspur , California

☆ Mortgage refinancing surges 35% in one week, as interest rates hit lowest level in over a year
▼ + stars: | 2024-08-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

It appears to have taken a few weeks for current homeowners to realize mortgage rates had dropped dramatically. Applications to refinance a home loan surged 35% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. While rates dropped just 1 basis point last week, they were down 33 basis points in the past four weeks. They were also 62 basis points lower than the same week a year ago. Mortgage rates started this week essentially flat, but that could change with the release of the government's monthly inflation report, the Consumer Price Index (CPI).

Persons: Joel Kan, Matthew Graham Organizations: Woodland, Lifestyle Homes, Mortgage, FHA, Index, Mortgage News Locations: Cold Springs , Nevada

☆ Weekly mortgage refinance demand soars 16% as rates sink to lowest level in over a year
▼ + stars: | 2024-08-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates dropped last week to the lowest level since May 2023, causing a surge in mortgage demand from both homebuyers and especially current homeowners. Total mortgage application volume rose 6.9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Despite the downward movement in rates, purchase activity only saw small gains, with an increase in conventional purchase applications offset by decreases in government purchase applications. "This is how things often play out when the bond market forces a quick move to extreme rate levels. For example, several of the biggest drops in daily mortgage rates have followed quick moves to long-term highs," wrote Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Hawthorn Woods , Illinois

☆ Mortgage demand drops, as homebuyers wait for lower rates
▼ + stars: | 2024-07-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates eased very slightly last week, but not enough to get today's potential homebuyers off the fence. Homebuyers are also likely waiting for interest rates to drop further. While mortgage rates don't follow the Fed exactly (they follow loosely the yield on the 10-year Treasury), rates will come down if investors believe inflation is easing. "We'd probably want to see mortgage rates come down 100 basis points, so I think if we had a five handle, even in the high fives, I think the market could see more momentum." Rates today are very slightly lower than they were last year at this time.

Persons: Joel Kan, Ivy Zelman, Kan Organizations: Mortgage, Association, Federal Reserve Locations: Hawthorn Woods , Illinois

☆ Mortgage refinance demand drops further, despite homeowners sitting on $17 trillion in equity
▼ + stars: | 2024-07-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The recent run-up in home prices, a staggering increase of more than 40% from pre-pandemic levels, should have current homeowners rushing to refinance. But for most, pulling that cash out simply costs too much now that interest rates are more than twice what they were just two years ago. Applications to refinance a home dropped last week for the fourth straight week, down 2%, according to the Mortgage Bankers Association's seasonally adjusted index. Homeowners were sitting on a collective $17 trillion in equity at the end of the first quarter of 2024, according to CoreLogic. Mortgage rates haven't moved at all so far this week, despite Federal Reserve Chair Jerome Powell's testimony before Congress on Tuesday.

Persons: Joel Kan, Kan, Jerome Powell's, Powell, Matthew Graham Organizations: Mortgage, Homeowners, Consumer, Mortgage News

☆ Both mortgage rates and weekly mortgage demand are stuck in place, suggesting a slow summer housing market
▼ + stars: | 2024-06-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

High home prices continue to rise, mortgage rates aren't coming off recent highs, and consumers are unimpressed by the small increase in home listings. All of that is reflected in weekly mortgage demand, which has been stuck for the second week in a row. Total mortgage application volume was essentially flat last week, up just 0.8% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage rates didn't move much either. Any hint at the current state of inflation tends to have an impact on bond yields and, consequently, mortgage rates.

Persons: Joel Kan, Kan Organizations: Mortgage Locations: Hawthorn Woods , Illinois

☆ Weekly mortgage demand drops to three-month low, as rates begin climbing again
▼ + stars: | 2024-05-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a brief pullback during much of May, mortgage rates began rising again last week. That had an immediate impact on what had been several weeks of strengthening mortgage demand. As a result, total mortgage application volume fell 5.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year's levels. Mortgage rates jumped sharply to start this week, rising 12 basis points just on Tuesday, according to a separate survey from Mortgage News Daily.

Persons: Joel Kan, Kan, Neel Kashkari Organizations: Mortgage, Mortgage News, Minneapolis Federal, CNBC Locations: Austin , Texas

☆ Weekly mortgage refinance demand revives as interest rates fall to 7-week low
▼ + stars: | 2024-05-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates fell for the third straight week last week, sparking increased demand for refinances. Total mortgage application volume rose 1.9% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications to refinance a home loan rose 7% for the week and were 21% higher than the same week one year ago. Rates last week were just 32 basis points higher than they were a year ago, and that gap has been shrinking. While higher mortgage rates certainly hurt affordability, today's buyers are still facing very low supply and stiff competition, which fuels bidding wars.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Hawthorn Woods , Illinois

☆ Mortgage demand from homebuyers drops even as interest rates pull back to April lows
▼ + stars: | 2024-05-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates last week dropped to the lowest level since April, but buyers are still struggling to afford today's housing market. As a result, mortgage demand flattened at a weak pace. "While the downward move in rates benefits prospective homebuyers, mortgage rates are still much higher than they were a year ago, while for-sale inventory remains tight," Kan added. Another read on inflation will influence the next move from the Federal Reserve on interest rates. "The difference between a result of 0.2 or 0.4 is surprisingly massive when it comes to the world of interest rates.

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

☆ 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

☆ 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

☆ 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

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