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☆ Homebuilder sentiment drops to lowest point in a year, but falling rates spur some optimism
▼ + stars: | 2023-11-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

High mortgage rates continue to weigh on the nation's homebuilders, leading to an increase in price cuts to lure buyers. But builders are cautiously optimistic about recent signs that interest rates may move lower soon. Homebuilder sentiment fell six points to 34 in November on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Sentiment is down 22 points since July and is now at the lowest level since the end of last year. "In particular, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates close to or below 7.5%," he said.

Persons: Alicia Huey, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Market, Treasury Locations: Wells Fargo

☆ Mortgage demand climbs to the highest level in five weeks after interest rates move lower
▼ + stars: | 2023-11-15 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Current homeowners and potential homebuyers are responding to lower mortgage rates, albeit slowly. Mortgage demand rose 2.8% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Although Treasury rates dipped midweek, mortgage rates were little changed on average through the week," said Joel Kan, MBA's vice president and deputy chief economist. Most borrowers carry much lower interest rates due to the record low rates seen during the first few years of the Covid-19 pandemic. Lower rates may help a little, but still-rising home prices and the still-low supply of homes are bigger hurdles for today's potential buyers.

Persons: Joel Kan Organizations: Mortgage

☆ 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

☆ Amazon will buy solar energy from a repurposed coal mine in Maryland
▼ + stars: | 2023-11-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Amazon will buy renewable energy from a solar project in Garrett County, Maryland, that is being built on a brownfield — the former site of a 120-year-old coal mine. Amazon will use the new facility to power its Amazon Web Services (AWS) data centers as well as fulfillment centers and physical stores. The former coal site, which had to be cleaned of toxins, is particularly attractive because it already has access to an energy interconnection and substations. Amazon is the largest corporate purchaser of renewable energy since 2020, according to the company. Turning the former coal site into a solar farm "is a metaphor for the energy transition," Sahlstrom added.

Persons: Nat Sahlstrom, Sean Finnerty, Finnerty, Amazon's Sahlstrom, Sahlstrom Organizations: Amazon, Web Services, Power Ventures, Renewable Energy, CPV Locations: Garrett County , Maryland, U.S, Maryland

☆ Mortgage rates plunge and demand finally inches back
▼ + stars: | 2023-11-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month. Total mortgage application volume rose 2.5% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage rates are pretty close to where they were at this time last year, so there is not a lot of incentive to refinance. Mortgage rates started the week slightly higher, but this week holds fewer economic events or reports that would influence rates. Last week's combination of the Federal Reserve's pause on interest rates and a lower-than-expected monthly employment report was the perfect storm for the dramatic move lower in rates.

Persons: Joel Kan Organizations: Mortgage, U.S

☆ Adjustable-rate mortgage demand jumps nearly 10% as buyers struggle to afford housing market
▼ + stars: | 2023-11-01 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

As mortgage rates hover near the highest level in more than two decades, homebuyers are turning to riskier mortgage products to help them get into a home. The ARM share of mortgage applications is now at the highest level in nearly a year. Applications for a mortgage to purchase a home dropped 1% for the week and were 22% lower year over year. Purchase applications decreased to their lowest level since 1995 and refinance applications to the lowest level since January 2023," Kan added. Markets now await news from the Federal Reserve on Wednesday to see if there will be any relief from higher interest rates.

Persons: Joel Kan, Kan Organizations: Mortgage, Association, ARM, Federal Reserve

☆ Shipping industry could lose $10 billion a year battling climate change by 2050
▼ + stars: | 2023-10-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

It is just the latest in a growing number of disruptions hitting the shipping industry as it battles the effects of climate change. A similar reduction in 2019 cost global shipping as much as $370 million, according to a study by RTI International. "We firmly believe that climate change poses a great threat to the shipping industry and the consumer overall. The impacts of climate change on ports alone, from damage to disruption, could cost the shipping industry up to $10 billion annually by 2050 and up to $25 billion per year by 2100, according to the RTI study, which was reviewed by the Environmental Defense Fund. Of all the transportation sectors, shipping is one of the most vulnerable to the effects of climate change.

Persons: Narin Phol, Phol, Hakan Agnevall, Agnevall, It's, it's, Erica Posse Organizations: U.S . Army Corps of Engineers, RTI International, Maersk, North, RTI, Environmental Defense Fund, Wartsila, Shipping, CNBC Locations: Mississippi, Vicksburg , Mississippi, Panama, Vancouver, Canada, North America, Paris

☆ Adjustable-rate mortgage demand hits highest level in nearly a year as interest rates continue to climb
▼ + stars: | 2023-10-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand has essentially stalled at the slowest pace since 1995 as mortgage interest rates continue to rise. Total application volume dropped 1% last week compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. The adjustable-rate mortgage share of total demand hit 9.5%, the highest level in nearly a year. That annual comparison is shrinking because refinancing crashed just over a year ago, when mortgage rates first started to rise sharply. Buyers right now are not only contending with higher mortgage rates, but also with bare minimum supply.

Persons: Joel Kan, Refinances Organizations: Mortgage, CNBC Locations: New York City

☆ 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

☆ September home sales drop to the lowest level since the foreclosure crisis
▼ + stars: | 2023-10-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

This is the slowest sales pace since October 2010, during the Great Recession, when the market was in the midst of a foreclosure crisis. As a comparison, just two years ago, when mortgage rates hovered around 3%, home sales were running at a 6.6 million pace. Adding to higher mortgage rates, the median price of a home sold in September was $394,300, up 2.8% year over year. That's because there is more supply at the higher price points and because higher-end buyers can often use cash. Mortgage demand is now at the lowest level since 1995, according to the Mortgage Bankers Association.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, Mortgage News, Federal, Mortgage, Association

☆ 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

☆ Bad news for commercial real estate: Architects report a big drop in business
▼ + stars: | 2023-10-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Architecture firms reported a sharp drop in business in September, indicating that the commercial real estate market could see even more pain in the next year. The index is a forward-looking indicator of demand for non-residential construction activity, both commercial and industrial buildings. Commercial real estate has been hit with a double whammy. Among real estate sectors, firms with a multi-family residential focus saw more of a decline. Multi-family construction boomed over the last few years, with a record number of units now flooding the market and putting pressure on rents.

Persons: Kermit Baker, bode, Peter Boockvar Organizations: AIA, Billings, Bleakley Financial Locations: billings

☆ Mortgage demand falls to the lowest level since 1995 as interest rates near 8%
▼ + stars: | 2023-10-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates last week rose for the sixth straight week, causing demand for home loans to drop to the lowest level since 1995. Total application volume fell 6.9% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications for a mortgage to purchase a home dropped 6% week to week and were 21% lower than the same week one year ago. ARMs offer lower rates and can be fixed for up to 10 years before the rate resets. Mortgage rates moved even higher to start this week, with the 30-year fixed hitting 7.92% on Tuesday, according to Mortgage News Daily.

Persons: Joel Kan Organizations: Lennar Corporation, Mortgage, Mortgage News, CNBC Locations: Morristown, Morristown , New Jersey

☆ This startup CEO claims he can completely decarbonize the cement industry
▼ + stars: | 2023-10-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Brimstone Energy, a California-based startup, is one of several companies trying to reduce the carbon emissions from the production of cement, which accounts for about 8% of global carbon emissions. Unlike limestone, however, the silicate rock contains no CO2, so there are no such emissions associated with the production process. Last July it received certification that its product is essentially the same as Portland cement. Not only does the silicate rock Brimstone uses not emit carbon, it actually absorbs carbon. "Ultimately, our plan, our goal would be to develop a credibly lower-cost process to make Portland cement at scale.

Persons: Cody Finke, Finke, Cooper, Lisa Rizzolo Organizations: Brimstone Energy, Breakthrough Energy Ventures, DCVC, Fund, S2G Ventures, CNBC Locations: California, Portland

☆ Homebuilder sentiment drops to 10-month low, as mortgage rates soar
▼ + stars: | 2023-10-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Builder confidence in the market for single-family homes dropped to the lowest level since January, as builders contend with a market dominated by high mortgage rates and costs for financing. The monthly National Association of Home Builders/Wells Fargo Housing Market Index dropped 4 points to 40 in October, and September's read was revised down 1 point. Builders point squarely to mortgage rates, which are now at a 23-year high. Regionally, on a three-month moving average, builder sentiment in the Northeast fell 4 points to 50 and in the Midwest dropped 3 points to 39. In the South it fell 5 points to 49, and in the West it fell 6 points to 41.

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

☆ Adjustable-rate mortgage demand spiked last week. Here's why.
▼ + stars: | 2023-10-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the 30-year fixed mortgage rose to the highest level since 2000 last week, but rates on adjustable-rate mortgages fell. But the average contract interest rate for 5/1 ARMs decreased to 6.33% from 6.49%. ARMs usually offer much lower rates because they have shorter fixed terms. Applications for a mortgage to purchase a home rose 1% for the week and were 19% lower than the same week one year ago. "In this first two weeks of October, as anticipated, inventories have taken a jump, but then because interest rates have taken a jump too, we're seeing less buyers.

Persons: Joel Kan, Kan, Lisa Resch Organizations: Mortgage, ARM, Washington , D.C, Compass Locations: Washington ,

☆ Mortgage demand drops to the lowest level since 1996, as interest rates head toward 8%
▼ + stars: | 2023-10-04 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

"As a result, mortgage applications ground to a halt, dropping to the lowest level since 1996." Just two years ago, when rates were setting multiple record lows, refinance demand made up roughly three-quarters of all mortgage applications. The ARMs made up 8% of purchase applications, up from 6.7% about a month ago, when interest rates were slightly lower. ARM's offer lower rates but are fixed for a shorter term, usually five or 10 years. Investors are responding to better-than-expected economic data, which could push the Federal Reserve to be more aggressive in its higher interest rate policy.

Persons: Joel Kan, Refinances, Kan Organizations: Mortgage, Federal Reserve

☆ 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

☆ How your shrimp cocktail can reduce the plastic waste tied to global warming
▼ + stars: | 2023-10-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

All that single-use plastic and Styrofoam, especially for cold packaging, is contributing to greenhouse gas emissions and consequently climate change. Now, companies like TemperPack, Green Cell and a California-based startup called Cruz Foam are making more recyclable and biodegradable packaging. Cruz Foam is using shrimp shells in its packaging. And Cruz Foam doesn't make the packages, rather it provides packagers with the material. Cruz Foam has several products, from cold packaging for foods to protective wrap to substitute for bubble wrap.

Persons: John Felts, Dan Fishman, Cruz Organizations: Green Cell, Cruz, Whirlpool, One Ventures Locations: California, Helena

☆ Mortgage demand shrinks as interest rates hit the highest level in nearly 23 years
▼ + stars: | 2023-09-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates just hit a level not seen since the year 2000. The 30-year fixed jumbo mortgage rate increased to 7.34%, the highest rate in the history of the MBA's jumbo rate series dating back to 2011. After record low interest rates throughout the first few years of the pandemic, and a refinance boom, there are precious few borrowers now with mortgage rates high enough to benefit from a refinance. Today's potential buyers are facing an unprecedented dynamic of a historically low supply of homes for sale, coupled with both rising interest rates and rising prices. Interest rates continued to move higher this week, according to a separate survey from Mortgage News Daily.

Persons: Joel Kan Organizations: Mortgage, Market, Mortgage News

☆ Sales of newly built homes reverse course, drop nearly 9% in August
▼ + stars: | 2023-09-26 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of newly built homes fell 8.7% in August from July, to a seasonally adjusted annualized pace of 675,000 units, according to the U.S. Census Bureau. The Census count is based on signed contracts during the month, and mortgage rates took a sharp jump higher. The median price of a newly built home sold in August was $430,300, a drop of 2% compared with August of last year. Homebuilders have been lowering prices as well as offering more incentives, like buying down mortgage rates. One of the nation's largest homebuilders, Lennar, recently reported strong earnings, but that was for a quarter where mortgage rates hadn't hit their highest yet.

Persons: Imogen Pattison, Homebuilders, Stuart Miller, Miller, Robert Dietz, NAHB's Organizations: . Census, Mortgage News, Capital Economics, National Association of Home Builders

☆ Home sales stick near recent lows in August, but prices continue to climb
▼ + stars: | 2023-09-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of previously owned homes fell 0.7% in August from July to a seasonally adjusted, annualized rate of 4.04 million units, according to the National Association of Realtors. "Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run." There were just 1.1 million units for sale at the end of August, down 0.9% for the month and down just more than 14% year over year. Sales continue to be weakest on the lower end of the market, where there is the least supply. "This is true not only in tech hubs like Austin and San Francisco, but also affordable markets like Columbus, Ohio."

Persons: Lawrence Yun, Yun, Danielle Hale Organizations: National Association of Realtors, NAR, Homeowners, It's Realtors Locations: Arlington , Virginia, Austin, San Francisco, Columbus , Ohio

☆ Weekly mortgage demand increases, driven by a strange surge in refinancing
▼ + stars: | 2023-09-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates rose again last week, and so did demand for refinances, which at face value doesn't make a lot of sense. Applications to refinance a home loan jumped 13% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Refinancing demand usually moves in the same direction as mortgage rates, but that was not the case. Applications for a mortgage to purchase a home increased 2% for the week and were 26% lower than the same week one year ago. "Purchase applications increased for conventional and FHA loans over the week," said Joel Kan, an MBA economist in a release.

Persons: Joel Kan, Homebuyers, Jerome Powell Organizations: Mortgage, Wednesday's, Reserve

☆ Homebuilder sentiment goes negative for the first time in 7 months, thanks to higher mortgage rates
▼ + stars: | 2023-09-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

U.S. homebuilders are feeling pessimistic about their business for the first time in seven months, thanks to stubbornly high mortgage rates. Builder confidence in the single-family housing market fell 5 points in September to 45 on the National Association of Home Builders/Wells Fargo Housing Market Index. Current sales conditions fell 6 points to 51, and sales expectations in the next six months also dropped 6 points to 49. Builders cite weaker affordability due to higher mortgage rates. While builders are still benefiting from the lack of supply on the existing sales market, they are also facing hurdles other than higher interest rates.

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

☆ 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

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