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☆ Mortgage rates jump back over 7% as inflation fears drive yields higher
▼ + stars: | 2023-03-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates loosely follow the yield on the U.S. 10-year Treasury . "The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks," said Bob Broeksmit, president and CEO of the Mortgage Bankers Association. "After solid gains in purchase activity to begin 2023, higher rates, ongoing inflationary pressures, and economic volatility are giving some prospective homebuyers pause about entering the housing market." But that recovery has now stalled, and rising rates are only part of the picture. Unfortunately, traders will be hesitant to push rates aggressively lower until they have several successive months pointing to meaningfully lower inflation.

☆ Mortgage demand took a big step back last week, even after interest rates fell further
▼ + stars: | 2023-02-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a stronger start to the year, mortgage demand plunged last week, despite another drop in interest rates. Total mortgage application volume fell 9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to buy a home fell 10% for the week and were 41% lower year over year. While both home prices and mortgage rates are coming down steadily, the supply of homes for sale is still quite low, and that may be keeping mortgage demand under pressure. The central bank is expected to raise its interest rate, but that doesn't necessarily raise mortgage rates.

☆ Mortgage refinance demand surged 6%, as rates dropped to the lowest level since September
▼ + stars: | 2022-12-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates dropped again last week, and while that did little to bolster demand from homebuyers, it did send homeowners looking for savings on their monthly payments. Applications to refinance a home loan jumped 6% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home decreased 0.1% for the week and were 36% lower than the same week one year ago. "However, if mortgage rates continue to trend down, as we are forecasting, more buyers are likely to return to the market later in the year, as affordability improves with both lower rates and slower home-price growth." A separate survey from Mortgage News Daily showed the average rate on the 30-year fixed jumping 11 basis points.

☆ Mortgage demand inches higher as interest rates move lower
▼ + stars: | 2022-12-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a month of declines, mortgage application volume is rising, as current homeowners and potential buyers move on lower mortgage rates. Applications rose 3.2% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Interest rates slid Tuesday after the release of the November consumer price index. Lower rates have shrunk demand for adjustable rate mortgages. While mortgage rates dropped following the CPI report Tuesday, they could move markedly again Wednesday, after the Federal Reserve announces its latest move on interest rates and Fed Chair Jerome Powell follows with remarks.

☆ Mortgage rates drop after CPI report, but the housing market is far from out of the woods
▼ + stars: | 2022-12-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The report sent investors rushing into U.S. Treasury bonds, causing yields to drop. Mortgage rates follow loosely the yield on the 10-year Treasury. But rates then fell sharply in November, after the CPI report for October indicated that inflation was cooling. Some suggested, albeit cautiously, that the drop in rates might be bringing buyers back to the market. Yearly was referring to a very brief rate drop in August.

☆ Mortgage demand rises 2.2% as interest rates decline slightly
▼ + stars: | 2022-11-23 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage applications rose 2.2% last week compared with the previous week, prompted by a slight decline in interest rates, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home rose 3% for the week, but they were down 41% from a year ago. "The decrease in mortgage rates should improve the purchasing power of prospective homebuyers, who have been largely sidelined as mortgage rates have more than doubled in the past year," Joel Kan, an MBA economist, said in a release. Mortgage rates haven't moved at all this week, as the upcoming Thanksgiving holiday tends to weigh on volumes. That's when the government releases its next major report on inflation and the Federal Reserve announces its next move on interest rates.

☆ Mortgage rates fall sharply to under 7% after inflation eases
▼ + stars: | 2022-11-10 | by ( Diana Olick | ) www.nbcnews.com time to read: +1 min

Mortgage rates fell sharply Thursday after a government report showed that inflation had cooled in October, prompting a decline in bond yields. The average rate on the 30-year fixed plunged 60 basis points from 7.22% to 6.62%, according to Mortgage News Daily. Those stocks have been hammered by the sharp increase in rates over the past six months. As a result, bond yields dropped sharply, and mortgage rates followed, as they follow loosely the yield on the 10-year Treasury. “This was always about needing two consecutive reports of this nature combined with acknowledgement from the Fed that the inflation narrative is shifting.”But Graham said rates are not out of the woods yet.

☆ Mortgage demand falls slightly even as rates slip from recent highs
▼ + stars: | 2022-11-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage application volume barely moved last week, falling 0.5% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Rates, meanwhile, dropped back a little bit last week, but they're still near a 22-year high. There are now precious few qualified borrowers who don't already have a rate lower than what is being offered today. "Apart from the ARM loan rate, rates for all other loan types were more than three percentage points higher than they were a year ago. Mortgage rates started this week slightly higher again, according to Mortgage News Daily, but all ears are now on Wednesday's meeting of the Federal Reserve.

☆ It's bad enough mortgage rates are over 7% – now it's harder to qualify for a home loan
▼ + stars: | 2022-10-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Not only are interest rates soaring, it's getting harder to qualify for a loan. These loan rates can be fixed for up to 10 years, but they are considered riskier mortgages. Borrowers are clearly concerned that mortgage rates will move even higher. While mortgage rates don't follow the federal funds rate exactly, they are influenced heavily by the Fed's policy. Graham noted the Fed is not considering mortgage rates or the housing market because home prices are overheated and a correction is "good and necessary."

☆ Mortgage demand rises for the first time in six weeks despite sharply higher interest rates
▼ + stars: | 2022-09-21 | by ( Diana Olick | ) www.nbcnews.com time to read: +2 min

Mortgage application volume increased last week for the first time in six weeks, according to the Mortgage Bankers Association, despite a rise in interest rates. “The weekly gain in applications, despite higher rates, underscores the overall volatility right now as well as Labor Day-adjusted results the prior week,” Kan said. Mortgage rates shot even higher this week, according to a separate survey by Mortgage News Daily. Investors will be watching specifically for commentary not on a current rate hike but on what may be ahead. “The forecasts will amplify whatever volatility we already may have seen with the rate hike decision.

☆ Mortgage demand rises for the first time in six weeks, despite sharply higher interest rates
▼ + stars: | 2022-09-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage application volume increased last week for the first time in six weeks, according to the Mortgage Bankers Association, despite a rise in interest rates. "The weekly gain in applications, despite higher rates, underscores the overall volatility right now as well as Labor Day-adjusted results the prior week," Kan said. Mortgage rates shot even higher this week, according to a separate survey by Mortgage News Daily. Investors will be watching specifically for commentary not on a current rate hike but on what may be ahead. "The forecasts will amplify whatever volatility we already may have seen with the rate hike decision.

☆ Mortgage demand from homebuyers falls 29% since last year, as interest rates surge past 6%
▼ + stars: | 2022-09-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage demand appears to have nowhere to go but down, as interest rates go up. Application volume dropped 1.2% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Refinance demand fell another 4% for the week and was 83% lower than the same week one year ago. "The spread between the conforming 30-year fixed mortgage rate and both ARM and jumbo loans remained wide last week, at 118 and 45 basis points, respectively. Mortgage rates jumped significantly higher this week, after the monthly inflation number came in higher than expected.

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