DIRS.INFO The most relevant business & tech news

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

☆ Mortgage rates surge higher on Trump victory, causing housing stocks to fall
▼ + stars: | 2024-11-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

"The expectation among bond traders coming into the election was that rates would move higher in the event of a Trump victory and especially a red sweep. "The builder stocks are highly sensitive to mortgage rates and mortgage rate expectations. Big builders have been buying down mortgage rates for their customers, but that has been cutting into their margins. Mortgage rates don't follow the Fed, but do react to the central bank's thinking on the economy. Stronger-than-expected economic reports in September and October caused bond yields, and consequently mortgage rates, to move higher.

Persons: Donald Trump's, Matthew Graham, Horton, PulteGroup, Lowe's, John Burns, Trump, Carl Harris, Graham Organizations: Mortgage News, Trump, . Housing, John Burns Real Estate Consulting, National Association of Home Builders, Federal Reserve, National Association of Realtors Locations: U.S, D.R

☆ 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 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

☆ Inflation, earnings and AI are the three market drivers we're watching this week
▼ + stars: | 2024-10-06 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Friday's rally on a strong jobs report gained momentum into the close and pushed the stock market into the green for the week. Inflation data: The September consumer price index (CPI) report is out Thursday. The September producer price index (PPI) is out Friday. Jim said last week that investors who don't own AMD shares should buy some ahead of CEO Lisa Su's presentation. ET: Consumer price index 12 p.m.

Persons: we'll, Jim Cramer, Friday's, Matthew Graham, Israel, Joe Biden, Wells, Jim, we're, We're, Morgan Stanley, Lisa Su's, Su, Jim Cramer's, Michael M Organizations: Dow, Nasdaq, Federal, Mortgage News, Mortgage News Daily, CNBC, Devices, PPI, Bank, Nvidia, SOXX Semiconductor, PepsiCo, Delta Air Lines, DAL, JPMorgan, Jim Cramer's Charitable, Traders, New York Stock Exchange, Santiago, Getty Locations: U.S, Iran, Israel, Wells Fargo, BlackRock, New York City

☆ 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

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 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 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

☆ 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 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

☆ Why mortgage applications have jumped despite rising interest rates
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy mortgage applications have jumped despite rising interest ratesMatthew Graham, chief operating officer at Mortgage News Daily, joins CNBC's 'The Exchange to break down his outlook for home mortgages, real estate prices, and more.

Persons: Matthew Graham Organizations: Mortgage News

☆ 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 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

☆ 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

Search resuls for: "Matthew Graham"

25 mentions found