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☆ Weekly mortgage demand drops again, as interest rates match a 22-year high
▼ + stars: | 2023-08-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates rose for the third straight week last week, matching a 22-year high. As a result, mortgage demand dropped as well. Total mortgage application volume was 29% lower than the same week one year ago, according to the Mortgage Banker's Association's seasonally adjusted index. That was the third straight weekly increase and the highest level since October 2022, which also matches a high level seen in 2001. As a result, mortgage demand from homebuyers was essentially flat week to week and 26% lower than the same week one year ago.

Persons: Joel Kan Organizations: Federal Housing Administration, Mortgage News

☆ Rates are the biggest issue impacting homebuilder sentiment
▼ + stars: | 2023-08-15 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRates are the biggest issue impacting homebuilder sentimentCNBC's Diana Olick joins 'The Exchange' to discuss a drop in builder sentiment, supply and labor shortages in the homebuilding sector, and growth of home builder incentive offerings.

Persons: Diana Olick

☆ Homebuilder sentiment fell six points to 50 in August
▼ + stars: | 2023-08-15 | 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 EmailHomebuilder sentiment fell six points to 50 in AugustCNBC's Rick Santelli on Diana Olick report on the latest economic data.

Persons: Rick Santelli, Diana Olick

☆ Homebuilder sentiment drops sharply, as mortgage rates surge over 7%
▼ + stars: | 2023-08-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Rising mortgage rates are hitting potential homebuyers hard, and that is taking steam out of the homebuilding market. That is the first decline in seven months and the lowest level since May, when sentiment first rose out of negative territory. Mortgage rates are now holding solidly over 7%, hitting 7.24% Monday, according to Mortgage News Daily. Higher mortgage rates and the decline in buyer activity has more builders using sales incentives once again. The share of builders using all types of incentives, including buying down interest rates, rose to 55% in August from 52% in July.

Persons: Alicia Huey, NAHB, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Mortgage News Locations: Wells Fargo, Birmingham , Alabama, Midwest

☆ Wildfire smoke stunts economic growth
▼ + stars: | 2023-08-14 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWildfire smoke stunts economic growthCNBC’s Diana Olick joins 'Power Lunch' to discuss the impact of wildfires across the U.S. on the economy.

Persons: Diana Olick

☆ Occidental and Climeworks big winners as Biden allocates billions for CO2 removal
▼ + stars: | 2023-08-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The money from the Bipartisan Infrastructure Law will now help fund two DAC hub projects, one in Texas and one in Louisiana. They will eventually remove more carbon per year than all of the current projects combined. Climeworks, based in Zurich, Switzerland, currently has the world's largest DAC plant in Iceland, which removes about 4,000 tons of CO2 per year. The DAC Hubs program is a vital investment for DAC to reach climate impact at scale," said Andrew Fishbein, senior climate policy manager for Climeworks. Heirloom is a California-based startup that is using limestone to remove carbon from the air.

Persons: Jennifer Granholm, Vicki Hollub, Andrew Fishbein Organizations: U.S . Department of Energy, Law, of Energy, Occidental Petroleum, Biden, Department, DAC, Breakthrough Energy, Microsoft Locations: Texas, Louisiana, U.S, Corpus Christi, United States, The Louisiana, Zurich, Switzerland, Iceland, California, Paris

☆ Mortgage demand drops again after FHA loan interest rate hits 21-year high
▼ + stars: | 2023-08-09 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates soared across the board last week, with the rate on the government's low down payment option increasing to the highest level in 21 years. That hit mortgage demand hard, with total application volume dropping 3.1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The average rate for jumbo loans hit 7.04%. High mortgage rates are not only making it harder to afford a home, they're keeping current homeowners in place. Mortgage rates have held over 7% to start this week, according to a separate survey from Mortgage News Daily.

Persons: Joel Kan Organizations: Mortgage, Federal Housing Administration, Treasury, Mortgage News Locations: Parkland , Florida

☆ EverestLabs is using robotic arms and A.I. to make recycling more efficient
▼ + stars: | 2023-08-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Until now, determining what exactly is in the vast mess of garbage that arrives at recycling plants has been a dirty and difficult job. Now, companies such as AMP Robotics, Machinex, Recycleye and a California-based startup called EverestLabs are using AI and robotics to do just that. "Because of AI, because of the robotic arms, we have seen plants recover 10, 20, 30% more than what they have been doing previously," said JD Ambati, CEO of EverestLabs. "They have been losing millions of dollars to the landfill, and because of AI, they were able to identify the value of the losses and deploy robotic arms to capture that." Add to that robotic arms, which he says recover the packaging three to four times more effectively than humans.

Persons: Ambati, Tom Outerbridge, Lisa Rizzolo Organizations: AMP Robotics, Labor, SMR, Translink Capital, NEC, Future, Sierra Ventures, Morado Ventures, Xplorer, CNBC Locations: California

☆ Mortgage credit availability sinks to decade low
▼ + stars: | 2023-08-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

As if higher mortgage rates weren't enough, it was harder even to qualify for a mortgage in July than it has been in a decade, according to the Mortgage Bankers Association. While availability for all loan types dropped, the component of the index for jumbo loans decreased the most, as banks face increasing liquidity issues. Jumbo loans cannot be sold to Fannie Mae and Freddie Mac, so they are usually held on bank balance sheets. Higher mortgage rates have caused demand for home loans to drop. A drop in cash-out refinance programs was a major component of the overall drop in credit availability.

Persons: Fannie Mae, Freddie Mac, Joel Kan Organizations: Mortgage, Association

☆ Tech startups using A.I. and robotics to make recycling more efficient
▼ + stars: | 2023-08-07 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTech startups using A.I. and robotics to make recycling more efficientCNBC's Diana Olick joins 'Power Lunch' to report on a tech startup using AI and robotics to make recycling more efficient.

Persons: Diana Olick Organizations: Email Tech

☆ Home equity hits near record high as house prices keep rising
▼ + stars: | 2023-08-04 | 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 EmailHome equity hits near record high as house prices keep risingCNBC's Diana Olick reports on the latest regarding home prices.

Persons: Diana Olick

☆ Home prices hit record highs in 60% of U.S. markets
▼ + stars: | 2023-08-04 | 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 EmailHome prices hit record highs in 60% of U.S. marketsCNBC's Diana Olick joins 'The Exchange' to discuss home equity making historic gains, a 37-year low in home affordability, and rising mortgage rates in connection with Fed policy.

Persons: Diana Olick Locations: U.S

☆ Here's how much cash you may have in your home, thanks to new record high prices
▼ + stars: | 2023-08-04 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices are on a tear again across much of the nation after falling for much of last year. Home prices in June hit record highs in 60% of U.S. markets, according to a new report from Black Knight, set to be released Monday. Higher mortgage rates have been a huge deterrent for current homeowners to list their homes for sale because they don't want to trade up to these higher rates on another purchase. Prospective homebuyers today are looking at paying more than 36% of their income on that payment thanks to higher home prices and higher rates. The average rate on the popular 30-year fixed mortgage hit 7.2% on Thursday, according to Mortgage News Daily.

Persons: Black Knight, Andy Walden, Black, Walden Organizations: Mortgage News Locations: U.S, Black

☆ Foreign buyers of U.S. homes fall to lowest level on record
▼ + stars: | 2023-08-02 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailForeign buyers of U.S. homes fall to lowest level on recordCNBC's Diana Olick joins 'Squawk on the Street' to report on why foreign buyers of U.S. real estate are pulling back.

Persons: Diana Olick

☆ Foreign buyers are bailing on the U.S. housing market. Here's why
▼ + stars: | 2023-08-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

The survey does not count new construction, where international buyers are also active. In total, 15% of foreign buyers bought homes worth more than $1 million. Chinese buyers in particular like California, as they often buy so that their children can attend local schools and universities. The drop in overall foreign purchases is unlikely to ease the competition for domestic buyers, as international buyers only made up a little more than 2% of all buyers. But it could help on the margins in certain local markets favored most by foreign buyers.

Persons: Lawrence Yun, Juwai, Kashif Ansari, Juwai IQI, Yun Organizations: National Association of Realtors, Realtors, U.S Locations: China, Mexico, Canada, India, Colombia, California, Asia, American, Florida, Texas, North Carolina, Arizona, Illinois, Florida , Texas

☆ Mortgage demand from homebuyers drops for the third straight week as interest rates rise
▼ + stars: | 2023-08-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates have been holding at high levels for several weeks now, and that is taking its toll on homebuyers. Mortgage applications to purchase a home fell 3% last week compared with the previous week, according to the MBA's seasonally adjusted index. "The purchase index decreased for the third straight week to its lowest level since the beginning of June," said Joel Kan, an MBA economist. Mortgage rates began this week higher and could continue to rise ahead of the all-important monthly employment report expected to be released Friday. If those fears are realized, rates could be at 20-year highs by the end of this week," said Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage Bankers Association, Mortgage News Locations: Hollywood , Florida

☆ Red-hot rent market cracks: Rent growth falls below zero
▼ + stars: | 2023-07-31 | 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 EmailRed-hot rent market cracks: Rent growth falls below zeroCNBC's Diana Olick joins 'The Exchange' to discuss why rent rates are cooling, a rise in rental vacancies, and a record number of rental units under construction.

Persons: Diana Olick

☆ Bill Gates-backed Antora is making big batteries to help factories transition to clean energy
▼ + stars: | 2023-07-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Now, companies like Form Energy, AtmosZero and a Silicon Valley-based startup called Antora Energy are tackling the challenge with more affordable battery technology. "Because of that we're able to store energy at much lower costs." Christina Karapataki of Breakthrough Energy Ventures, which was founded by Bill Gates, says this business could be particularly lucrative. There are now about a dozen thermal energy storage companies using sand, rock, brick or other types of ceramic to store energy as heat. Along with funding from Breakthrough energy, Antora is also backed by Chris Sacca's Lowercarbon Capital, Shell Ventures, BHP Ventures, Grok Ventures and Trust Ventures.

Persons: We've, Justin Briggs, We're, Briggs, Christina Karapataki, Bill Gates, Karapataki, Antora, Chris Sacca's Organizations: Energy, Breakthrough Energy Ventures, Shell Ventures, BHP Ventures, Grok Ventures, Trust Ventures Locations: Fresno , California

☆ New home sales for June fell short of expectations
▼ + stars: | 2023-07-26 | 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 EmailNew home sales for June fell short of expectationsCNBC's Rick Santelli and Diana Olick join 'Squawk on the Street' to discuss the June read on new home sales, the slight reversal in new home sale yields, and the street missing expectation.

Persons: Rick Santelli, Diana Olick

☆ Mortgage demand drops as interest rates remain stubbornly high
▼ + stars: | 2023-07-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates didn't move at all last week, and are still sitting near a recent high. Most borrowers today carry interest rates far lower than the current rate and would therefore not benefit from a refinance. Mortgage rates moved higher to start this week, crossing over 7% Tuesday to 7.04%, according to Mortgage News Daily. Rates will likely move later today, following the latest interest rate decision and press conference at the Federal Reserve. In other words, mortgage rates CAN move lower tomorrow even if the Fed hikes.

Persons: Joel Kan, Jerome, Powell, Matthew Graham Organizations: Mortgage, Federal Housing Administration, Mortgage News, Federal Reserve

☆ Home prices in May rose for the 4th straight month with regional disparities widening
▼ + stars: | 2023-07-25 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome prices in May rose for the 4th straight month with regional disparities wideningCNBC's Diana Olick joins 'The Exchange' to discuss home prices in May rising for the fourth straight month on the S&P Case-Shiller Home Price Index, a growing regional divergence in home prices, and the lack of existing market supply for homes.

Persons: Diana Olick

☆ Home prices continue to climb with 'striking' regional differences, says S&P Case-Shiller
▼ + stars: | 2023-07-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Shiller home price index, but regional differences are widening. The index's 10-city composite gained 1.1%, and the 20-city composite gained 1%. Current homeowners are reluctant to sell, given that most are paying mortgage rates that are less than half of today's rates. Demand returned after the initial jump in mortgage rates, as buyers seem to be getting used to a new normal. Correction: Home prices in May rose for the fourth straight month on the S&P CoreLogic Case-Shiller home price index.

Persons: Craig Lazzara, It's, Hannah Jones Organizations: Midwest Locations: U.S, Chicago, Cleveland, New York, Seattle, San Francisco

☆ Greening heavy industry: Batteries deliver zero-carbon power
▼ + stars: | 2023-07-24 | 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 EmailGreening heavy industry: Batteries deliver zero-carbon powerCNBC’s Diana Olick joins 'Power Lunch' to report on plans to green the heavy industry with batteries.

Persons: Diana Olick

☆ June home sales drop to the slowest pace in 14 years as short supply chokes the market
▼ + stars: | 2023-07-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales are unlikely to recover any time soon, as mortgage rates weigh heavy on affordability. Mortgage rates hung in the mid 6% range during that time and then shot up over 7% at the very end of May. The higher end of the market, however, appears to be recovering. While sales were down across all price points, they were down least at the higher end. Sales are unlikely to rebound soon in the existing home market, but sales of newly built homes are reaping the benefits.

Persons: Lawrence Yun, Yun, DR Horton, Donald Horton Organizations: National Association of Realtors, Realtors

☆ Mortgage-refinance demand recovers some after rates come off recent highs
▼ + stars: | 2023-07-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates pulled back last week after jumping sharply to start July. Total mortgage application volume rose 1.1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage rates declined last week, as markets responded positively to incoming data showing that U.S. inflation continues to cool," said Joel Kan, an MBA economist, in a release. The refinance share of mortgage activity increased to 28.4% of total applications from 26.8% the previous week. Mortgage rates haven't budged much to start this week, as they're still hanging in the high 6% range on the 30-year fixed.

Persons: Blaine, Joel Kan Organizations: Mortgage, Federal Locations: Minnesota

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