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☆ Mortgage rates shoot to 2-month high after new report shows inflation is still hot
▼ + stars: | 2024-02-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Mortgage rates shot higher Friday after a monthly government report on wholesale prices showed inflation is still persistent and hotter than most analysts had expected. Mortgage rates hit their last high in October but then fell sharply over the next two months, leveling out at around 6.6% in December. In February's report, builders said they expected mortgage rates to continue to moderate in the coming months. "And while mortgage rates still remain too high for many prospective buyers, we anticipate that due to pent-up demand, many more buyers will enter the marketplace if mortgage rates continue to decline this year."

Persons: Matthew Graham, Alicia Huey Organizations: Mortgage News, . Census, National Association of Home Builders Locations: Albany , California, Birmingham , Alabama

☆ 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

☆ Weekly mortgage demand from homebuyers is flattening as interest rates rise
▼ + stars: | 2024-02-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand is struggling to contend with what appears to be another upswing in interest rates. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Together, those two jumps made for the third-biggest increase in mortgage rates since March 2020. The refinance share of mortgage activity increased to 35.4% of total applications from 34.2% the previous week. Mortgage rates fell back slightly on Tuesday, but the move higher was an adjustment to surprisingly strong economic data, according to Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham, They've Organizations: Mortgage, U.S . Labor Department, Mortgage News Daily, Mortgage News, CNBC PRO

☆ 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

☆ Weekly mortgage demand drops as buyers struggle to find affordable homes
▼ + stars: | 2024-01-31 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After rising for several weeks, mortgage demand fell last week as buyers faced increased competition for a limited supply of homes. Total mortgage application volume fell 7.2% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Lower mortgage rates are putting more pressure on home prices, and are bringing more buyers into the market, increasing competition. Mortgage rates have barely moved in the last two weeks, but that could soon change. Friday's monthly employment report could also impact markets and swing mortgage rates in either direction depending on what it says about the broader economy.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Clarksburg , Maryland

☆ Mortgage demand down 9.4% for final week of 2023, despite recent drop in interest rates
▼ + stars: | 2024-01-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand ended 2023 on a sour note, despite a sharp drop in mortgage interest rates during December. Total application volume was down 9.4% for the week ended Dec. 29, compared with two weeks earlier, according to the Mortgage Bankers Association's seasonally adjusted index. The average rate on the 30-year fixed ended the year at 6.76%, lower than where it was two weeks ago, but higher than it was a week ago. The builders are a bright spot, especially because they can buy down mortgage rates, but new homes do come at a price premium. Mortgage rates started this week higher after also edging up on Friday.

Persons: Joel Kan, refinanced, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Daily, Reserve, CNBC PRO Locations: Miami , Florida

☆ Mortgage demand from homebuyers gets a boost as interest rates continue to fall
▼ + stars: | 2023-11-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates fell last week for the fourth time in five weeks, and homebuyers appear to be responding. That left total mortgage application volume essentially flat last week, up just 0.3% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home rose 5% for the week but were still 19% lower than the same week one year ago. Mortgage rates are now 88 basis points higher than they were a year ago, but most current homeowners refinanced when rates were at record lows two years ago. "With rates already at two-month lows last week, the result is gentle descent to slightly lower two-month lows."

Persons: Joel Kan, Matthew Graham, Graham Organizations: Mortgage, Mortgage News, CNBC PRO Locations: refinance

☆ Mortgage demand jumps to six week high as interest rates continue to drop
▼ + stars: | 2023-11-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Total application volume increased 3% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Most mortgage rates in our survey decreased, with the 30-year fixed mortgage rate decreasing to the lowest rate in two months," said Joel Kan, MBA's deputy chief economist. Applications to refinance a home loan increased 2% for the week and were just 4% lower than the same week one year ago. Applications for a mortgage to purchase a home increased 4% week to week but were still 20% lower than one year ago. Mortgage rates moved slightly lower this week, but analysts are not expecting any major moves in the near future.

Persons: Joel Kan, Kan, Matthew Graham Organizations: U.S . Mortgage, Mortgage, National Association of Realtors, Mortgage News Locations: Columbus , Ohio, U.S

☆ Cooler monthly inflation report pushes mortgage rates even lower
▼ + stars: | 2023-11-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The drop was due to a sharp bond market rally, after the government's monthly inflation report came in lower than analysts had predicted. As bond yields fell, so too did mortgage rates, which loosely follow the yield on the 10-year Treasury . Mortgage rates had already been declining from their recent highs. The 30-year fixed mortgage rate jumped over 8% on Oct. 19, the highest level in more than two decades. "The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously.

Persons: Matthew Graham, Lawrence Yun Organizations: Mortgage News, Treasury, National Association of Realtors, CNBC PRO Locations: Chatsworth, Los Angeles , California

☆ The housing market was already painful, ugly and anxious. Now the 8% mortgage rate is back
▼ + stars: | 2023-10-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

watch nowToday's housing market is a toxic mix of high mortgage rates, high prices, tight supply and strangely strong pent-up demand — and it's scaring off buyers and sellers alike. Now the popular 30-year fixed mortgage rate is at 8%, the highest in decades, making things even tougher. The result was record-low mortgage rates for two solid years. That, ironically, made the housing market even more expensive. They have little desire to trade the 3% rate they currently have for an 8% mortgage rate on a new purchase.

Persons: Matthew Graham, MND's Graham, He's, Lisa Resch, What's, Lawrence Yun, Yun Organizations: Mortgage News, Federal Reserve, National Association of Realtors, Compass, Washington , D.C, NAR, Buyers Locations: Washington ,, Florida, Tampa, Jacksonville, Orlando, Houston , Texas, Memphis , Tennessee, homebuilders, Horton

☆ Tight housing supply means crash is unlikely, says Mortgage News Daily's Matthew Graham
▼ + stars: | 2023-10-19 | 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 EmailTight housing supply means crash is unlikely, says Mortgage News Daily's Matthew GrahamMatthew Graham, chief operating officer at Mortgage News Daily, joins 'The Exchange' to discuss a mix of hawkish and dovish commentary coming from the Fed, tightness in home supply stalling a housing value crash, and the risk homebuilder mortgage rate writedowns could have on the overall housing market.

Persons: Matthew Graham Matthew Graham Organizations: Mortgage News

☆ The 30-year fixed mortgage rate just hit 8% for the first time since 2000 as Treasury yields soar
▼ + stars: | 2023-10-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the popular 30-year fixed mortgage rate hit 8% Wednesday morning, according to Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year U.S. Treasury . Rates rose sharply this week and last week, as investors digest more reads on the economy. On Wednesday, it was housing starts, which rose in September, though not as much as expected, according to the U.S. Census Bureau. These higher rates have caused mortgage demand to plummet, as applications fell nearly 7% last week from the previous week, according to the Mortgage Bankers Association.

Persons: Matthew Graham, Horton Organizations: Mortgage News, Treasury, . Census, Federal, Mortgage, Association, CNBC

☆ Home affordability initiatives need to come at the fiscal level, says MBS Lives' Matthew Graham
▼ + stars: | 2023-10-06 | 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 affordability initiatives need to come at the fiscal level, says MBS Lives' Matthew GrahamMatthew Graham, chief operating officer at Mortgage News Daily, and CNBC's Diana Olick join 'The Exchange' to discuss mortgage rates correlating with the ten-year and pricing off mortgage-backed securities, mortgage rates hitting a 23-year high, and initiatives that could help home affordability without manipulating the broader financial market.

Persons: Matthew Graham Matthew Graham, Diana Olick Organizations: Mortgage News Daily

☆ Mortgage rate races toward 8% after hitting a high not seen since late 2000
▼ + stars: | 2023-10-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the popular 30-year fixed mortgage rose to 7.72% on Tuesday, according to Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year Treasury , which has been climbing this week following strong economic data. Rates have not been this high since the end of 2000. At the beginning of this year, the 30-year fixed rate dropped to about 6%, causing a brief burst of activity in the spring housing market. While builders had been benefiting from the tight supply of existing homes for sale, higher mortgage rates are a major concern now.

Persons: Matthew Graham Organizations: Mortgage News Daily ., Treasury, Federal Reserve, Investors, Mortgage News

☆ Mortgage demand stalls at a level not seen since 1996
▼ + stars: | 2023-09-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Higher mortgage rates continue to take their toll on mortgage demand, especially for refinancing. Total mortgage application volume dropped 0.8% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The refinance share of mortgage activity decreased to 29.1% of total applications from 30.0% the previous week. ARMs offer lower interest rates but are deemed riskier because their rates are fixed for a shorter term. "Mortgage applications decreased for the seventh time in eight weeks, reaching the lowest level since 1996," said Joel Kan, a Mortgage Bankers Association economist, in a release.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, refinances, Mortgage Bankers Association, Mortgage News

☆ Mortgage rates hit their highest point since 2000
▼ + stars: | 2023-08-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates jumped Monday, following a rise in bond yields driven by investors' concerns that high interest rates and inflation will linger longer than expected. The average rate on the popular 30-year fixed mortgage hit 7.48%, the highest level since November 2000, according to Mortgage News Daily. Higher mortgage rates exacerbate the supply situation. The nation's homebuilders have been trying to offset higher mortgage rates by either buying down those rates for short or long terms, or by lowering home prices. Homebuilder sentiment in August, however, dropped sharply, with builders citing higher interest rates as the main reason.

Persons: Matthew Graham Organizations: Mortgage News, Federal Reserve, ARM, Mortgage, Association

☆ 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

☆ 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

☆ He crushed the bar exam, but the legal profession remains disproportionately White
▼ + stars: | 2023-07-02 | by ( Meron Moges-Gerbi | ) edition.cnn.com time to read: +7 min

In most states you would have to get at least a 260 score on the bar exam to pass. This year the minimum passing score for the Maryland bar exam is 266, according to the National Conference of Bar Examiners. The LSAT costs more than $200 and the bar exam is close to $1,000. The non-profit also offers programs to introduce undergraduate and high school students to law school and other legal career opportunities. Those responsibilities can lead to less time to prepare for the bar exam, which is extremely important because the bar exam decides how well you are prepared for the exam and not how well you know the law, George said.

Persons: Matthew Graham, Thurgood Marshall, Marshall, Graham, ” Graham, Ciara Graham, Celine Graham, Genise Thomas, I’ve, Verna Williams, It’s, ” Williams, Williams, Angela Winfield, Winfield, “, ” Winfield, ” “, Erika George, ” George, George, Ciara, Celine, Matthew, Genise Thomas Graham, Black, doesn’t Organizations: CNN, Black, Alpha Phi Alpha, American, American Bar Association, National Conference of Bar, Maryland, Washington DC, “, The Law, Princeton, University of Utah’s, Quinney College of Law, University of Baltimore School of Law Locations: Baltimore , Maryland, Maryland

☆ Mortgage demand surges as interest rates ease off recent highs
▼ + stars: | 2023-06-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Mortgage rates pulled back for the second straight week last week, and it was enough to get both current and potential homeowners on the phone with their lenders. Mortgage application volume rose 7.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Most borrowers today have lower rates than what is currently available and therefore do not want to lose those rates even for a cash-out refinance. Although the Fed Funds Rate doesn't directly dictate mortgage rates, such a move would still put quite a bit of upward pressure on interest rates of all shapes and sizes," wrote Matthew Graham, COO of Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Albany , California

☆ 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."

☆ Mortgage demand rebounds, even as interest rates hit the highest level in over a month
▼ + stars: | 2023-04-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The recent softening in home prices may be helping homebuyers swallow higher mortgage rates. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "As a result of the higher yields, mortgage rates increased for the second straight week to their highest level in over a month." Despite higher rates, mortgage applications to buy a home, which had plummeted the week before, rose 5% last week. Mortgage rates fell slightly to start this week, as investors digested news of regional bank earnings as well as concern over the debt ceiling.

☆ Mortgage demand increases again, but interest rates are rising
▼ + stars: | 2023-03-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand has increased for three straight weeks now, as interest rates dropped in response to the recent bank failures. "However, mortgage rates have not dropped as much as Treasury rates due to increased MBS market volatility." Refinance demand is highly sensitive to weekly rate moves, but there are precious few borrowers right now who can still benefit from a refinance at today's higher interest rates. Today's homebuyers may be less influenced by weekly interest rate moves and more influenced by the state of the economy. Mortgage rates don't follow the Fed exactly, but they do respond to its perception of the overall economy.

☆ Mortgage rates tumble in the wake of bank failures
▼ + stars: | 2023-03-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. Mortgage rates loosely follow the yield on the 10-year Treasury , which fell to a one-month low in response to the failures of Silicon Valley Bank and Signature Bank and the ensuing ripple through the nation's banking sector. So if rates continue to drop now, buyers could return once again — but that's a big "if." "This mini banking crisis has to drive a change in consumer behavior in order to have a lasting positive impact on rates. While mortgage rates don't follow the federal funds rate exactly, they are heavily influenced by both its monetary policy and its thinking on the future of inflation.

☆ Mortgage demand recovers slightly, despite rising interest rates
▼ + stars: | 2023-03-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher. Total mortgage application volume rose 7.4% last week, according to the Mortgage Bankers Association's seasonally adjusted index. ARMs offer lower interest rates at higher risk. Mortgage rates have moved even higher, crossing over 7%, according to a separate survey from Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year Treasury.

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