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☆ Mortgage rates fall for the first time in three weeks
▼ + stars: | 2023-06-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates dropped this week after a three-week climb, as rates remain volatile amid conflicting economic indicators. Mortgage rates topped 5% for the first time since 2011 a little more than a year ago and have remained over 5% for all but one week during the past year. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Xu, ” Xu, Bob Broeksmit, “ Organizations: DC CNN —, Fed, Federal, Treasury, ”, Mortgage, Association Locations: Washington

☆ Mortgage demand drops despite rates coming off recent highs
▼ + stars: | 2023-06-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates fell back from their recent highs, but demand dropped for the fourth straight week. Total mortgage application volume declined 1.4% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The refinance share of mortgage activity increased to 27.3% of total applications from 26.7% the previous week. Mortgage rates have not moved much this week, as there has been little economic data to push them in either direction. Next week's monthly inflation report from the government will likely be the next major read on the economy to influence mortgage rates.

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

The average 30-year mortgage rate is 6.79%, according to Freddie Mac — this time last year, it was 5.09%. 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. This means that mortgage rates aren't likely to increase significantly any time soon, and they'll likely continue to cool along with prices.

Persons: Freddie Mac, Prices, Fannie Mae, they'll Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates are starting June much higher than they started last month. The average 30-year mortgage rate increased to 6.79% last week, according to Freddie Mac, while they were at 6.39% in early May. If the Fed pauses rates, this would likely take the upward pressure off of mortgage rates. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Freddie Mac, there's, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Stock futures are little changed after the S&P 500’s best week since March
▼ + stars: | 2023-06-04 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

U.S. equity futures were little changed Sunday evening after a broad-based rally last week that pushed the S&P 500 to its best week since March, and its highest level since last August. S&P 500 futures were higher by 0.09% and Nasdaq-100 futures hovered below the flat line. On Friday, stocks rallied to end the week following strong jobs data for the month of May. The Dow jumped 701.19 points, or 2.12%, for its best day since January, ending the week at 33,762.76. "Recent banking sector developments are also encouraging, and repeated signs of labor market strength are reducing the risk negative outcomes.

Persons: Dow, Joe Biden, Dow Jones, Mace McCain, Yung, Yu Ma, Smucker, Campbell Soup Organizations: Dow Jones, Nasdaq, U.S ., Labor Department . Public, Frost Investment Advisors, BMO, CNBC, Investors, Natural Foods, Signet Jewelers, PMI, Institute for Supply Management, Global, Mortgage, Association

☆ Want to know why younger generations seem so pissed? Look at the housing market.
▼ + stars: | 2023-06-04 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

But the biggest issue is probably a housing market that simply feels unfair. From a shaky economy to student debt, to general inflation and spiking healthcare costs, there's lots to be worried about. "One was the long, weak labor market in the wake of the Great Recession, and the other is how badly the housing market functions." When you look at the housing market, it's particularly grim right now. But while Americans have different health situations (and lifestyles and levels of student debt), all of them live somewhere.

Persons: Gen Zers, —, Zers, Josée Rose, there's, Matt Yglesias, Phil Rosen, Goldman Sachs, James Rodriguez, Pew, John Myers, Ben Southwood, Sam Bowman, homebuyers Organizations: Service, Deloitte, TIAA Institute, Federal Reserve Bank of New, Mortgage, Association, Commonwealth Fund Locations: Federal Reserve Bank of New York, New York, isn't

In its latest mortgage forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will finally drop below 6% by the end of 2023. See more mortgage rates on Zillow Real Estate on ZillowToday's Refinance RatesMortgage 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. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: They've, Fannie Mae Organizations: Mortgage Bankers Association, Today's, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ The housing market has never been this unaffordable for new buyers
▼ + stars: | 2023-06-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

New home buyers are facing the least affordable market ever, data from the Mortgage Bankers Association shows. A higher reading indicates declining borrower affordability conditions, due to either increasing loan amounts, rising mortgage rates, or a decrease in earnings. Meanwhile, the national median mortgage payment was $2,112 in April, up from $2,093 the prior month, per MBA data. As the Federal Reserve began raising interest rates in 2022, mortgage rates on 30-year fixed loans more than doubled from 3% to above 7%. As of now, with the Fed having made 10 consecutive rate hikes and the June meeting looming, mortgage rates are hovering just under 7%.

Persons: —, Edward Seiler, MBA's, Seiler, Goldman Sachs Organizations: Mortgage Bankers Association, Service, Privacy, Mortgage, Association, Mortgage Bankers, Federal Reserve, Baltimore Locations: Idaho, Nevada, Arizona, Florida, California, Louis, Detroit, Chicago

☆ Home buyers are facing the least affordable market on record
▼ + stars: | 2023-06-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Joe Raedle / Getty ImagesEdward Seiler is the associate vice president for housing economics at the Mortgage Bankers Association. Phil Rosen: The MBA's Purchase Applications Payment Index just hit a new high in April. For new home buyers, this is the worst situation since the end of the Great Recession. Current homeowners that were lucky enough to get a 2.75% interest rate in 2022 are in a great position, but for new buyers looking to buy a first home, or those looking to move to another home, it's a very daunting proposition. In his view, monthly payments for first-time buyers are up roughly one-third compared to last year — and that's going to keep buyers on the sidelines and weigh on demand.

Persons: I'm Phil Rosen —, Joe Raedle, Edward Seiler, Phil Rosen, Jen, Hsun Huang, Huang, Kim Kulish, Gregg Fisher, he's, Jensen Huang, It's, There's, Evercore's Mark Mahaney, Meta, shouldn't, David Rosenberg, who's, Larry Pitkowsky, Max Adams Organizations: Mortgage, Association, Twitter, Nvidia Corp, GPU Technology, Nvidia, Treasury Department, Fed, Tech Locations: San Jose , California, New York

☆ Commercial and multifamily mortgage delinquencies rose in the first part of 2023
▼ + stars: | 2023-06-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Commercial and multifamily mortgage delinquencies increased in the first quarter of 2023, according to a new report from the Mortgage Bankers Association. “Ongoing stress caused by higher interest rates, uncertainty around property values, and questions about fundamentals in some property markets are beginning to show up in commercial mortgage delinquency rates,” said Jamie Woodwell, MBA’s head of commercial real estate research. Freddie Mac had a delinquency rate of 0.13%, an increase of 0.01 percentage points from the fourth quarter of 2022. Commercial mortgage-backed securities had a delinquency rate of 3%, an increase of 0.10 percentage points from the end of 2022. The FDIC delinquency rates for bank and thrift held mortgages reported here do include loans backed by owner-occupied commercial properties.

Persons: ”, Jamie Woodwell, ” Woodwell, Fannie Mae, Freddie Mac, Banks, thrifts Organizations: DC CNN —, Mortgage, Association, Federal Reserve Locations: Washington

☆ US mortgage rates climb to their highest level since November
▼ + stars: | 2023-06-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates jumped higher last week as uncertainty about the debt ceiling standoff sent bond yields rising. Mortgage rates tend to be pegged to US Treasury yields, which had been heading higher as America grows ever closer to default. Although the Fed doesn’t have direct control over mortgage rates, higher interest rates tend to push bond yields higher, which also can nudge mortgage rates up. “If the U.S. defaults on its debt, bond investments become riskier, resulting in increased yields and potentially higher mortgage rates. But if mortgage rates remain elevated, sellers looking to wrap up a move during the summer months may be motivated to cut prices.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Joe Biden, Xu, “, George Ratiu, ” Ratiu, Bob Broeksmit, today’s, ” Xu Organizations: Washington CNN, Treasury, Federal, “, Realtor.com, Mortgage, Association Locations: America, U.S

High mortgage rates have created a lock-in effect for current homeowners who might otherwise be interested in listing their homes on the market. 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. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices.

Persons: Prices, Selma Hepp, Fannie Mae, they'll Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

☆ 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

As the Fed aggressively hiked rates in 2022, mortgage rates also spiked. But if the central bank believes more increases are necessary, mortgage rates could remain elevated. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Mortgage rates increased last week and remain high today. In its latest mortgage forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will finally drop below 6% by the end of 2023. 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. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Homebuyers might be able purchase a home with less savings — thanks to the two largest US mortgage lenders now allowing down payments of just 1%
▼ + stars: | 2023-05-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

In a stark contrast to the homebuying bonanza of 2021, housing demand has fallen sharply with buyers grappling with a year of higher mortgage rates and stubbornly high home prices. "I was able to win them over with 1% down payment assistance, as well as give them a better rate." "These 1% down payment assistance programs are really making homeownership more affordable for borrowers, Beaubien added." Beaubien said the savings gained from UWM's down payment assistance program is truly making a difference for her clients. "A lot of homebuyers, especially first-time homebuyers, will get discouraged about what the closing costs and down payment may look like," Beaubien said.

☆ Mortgage demand drops again as rates cross back over 7%
▼ + stars: | 2023-05-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Contractors work on concrete slabs in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, on Thursday, March 31, 2022. The average rate on the popular 30-year fixed mortgage crossed over 7% on Tuesday, according to Mortgage News Daily. First, uncertainty over what the Federal Reserve will do with interest rates, given a still strong economy; second, the battle over raising the debt ceiling and the possibility of a U.S. default. Both of those already had rates climbing last week with mortgage demand pulling back. Total mortgage application volume dropped 4.6% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index.

Average 30-year mortgage rates increased to 6.39% this week. Stubbornly high mortgage rates have kept many would-be homebuyers out of the market. 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.

☆ There's one simple reason why US housing inventory is set to remain low for the foreseeable future
▼ + stars: | 2023-05-18 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

The share of outstanding mortgages financed at less than 3% jumped during the pandemic, said Pantheon Macroeconomics. New home listings in April were down more than 20% from a year ago, according to Realtor.com, with steepening mortgage rates a factor. It also found that about 97% of outstanding mortgages are fixed for 15 years or for 30 years, and 60% are just one to four years old. "In other words, most existing homeowners are not going to move unless they absolutely have to, due to death, divorce, or an—irresistible—job offer," said Clancy. The 30-year fixed mortgage rate is averaging 6.55%, according to data from the Mortgage Bankers Association on Thursday.

Mortgage rates increased earlier this week and are holding steady today. All this takes the upward pressure off of mortgage rates, which wil likely allow them to finally trend down. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Mortgage demand drops as interest rates hit a 2-month high
▼ + stars: | 2023-05-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Higher mortgage rates and a severe shortage of homes for sale are taking their toll on mortgage demand. Mortgage applications to purchase a home dropped 4.8% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage rates increased last week, even as Treasury yields were essentially flat, with the spread between the two rates widening to 310 basis points. "Mortgage rates have generally been struggling versus Treasuries since the Fed ended reinvesting its bond portfolio proceeds in late 2022," explained Matthew Graham, chief operating officer. "More recently, elevated supply of mortgage debt owing to the FDIC's various liquidation efforts have weighed on the sector."

It's possible that those who hold off their home search until early fall may have more luck when it comes to mortgage rates. See more mortgage rates on Zillow Real Estate on ZillowToday's Refinance RatesMortgage 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. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

The Mortgage Bankers Association expects that 30-year mortgage rates will finally dip back below 6% in the third quarter of this year, and that they'll end 2023 around 5.5%. Slowing inflation should continue to take the upward pressure off of mortgage rates and allow them to finally recede. 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 interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.35%, according to Freddie Mac.

☆ Mortgage delinquency saw second lowest quarter on record, says MBA CEO Bob Broeksmit
▼ + stars: | 2023-05-15 | 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 EmailMortgage delinquency saw second lowest quarter on record, says MBA CEO Bob BroeksmitBob Broeksmit, Mortgage Bankers Association president and CEO, joins 'Closing Bell Overtime' to discuss the state of the housing market, new mortgage fees, and the ongoing credit crunch.

Mortgage rates started the week somewhat elevated, but they've since dropped significantly. This should take the upward pressure off mortgage rates and allow them to drop. 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.

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