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☆ 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 are expected to go down this year, but it may be a few months before we see them fall sustainably. Right now, average 30-year mortgage rates are up near last month's levels, when rates averaged around 6.34%, according to Zillow data. This means we could see mortgage rates start to trend down right as the homebuying season is heating up. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Jerome Powell, Powell, Fannie Mae Organizations: Investors, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

☆ Why a booming US job market is bad news for homebuyers
▼ + stars: | 2024-02-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Mortgage rates are unlikely to keep falling, says Mike Fratantoni of the Mortgage Bankers Association. A strong jobs market means the Fed is unlikely to ease monetary policy, keeping mortgage rates higher. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementRed-hot strength in the labor market might calm recessionary fears, but it's not the greatest update for homebuyers awaiting lower mortgage rates.

Persons: Mike Fratantoni, —, it's Organizations: Mortgage, Association, Service, Business

Borrowers saw mortgage rates drop dramatically late last year, and experts have been calling for rates to go down this year as well. Mortgage rates are expected to fall this year once the Federal Reserve starts lowering the federal funds rate. The longer the Fed waits to start cutting rates, the longer borrowers will likely have to wait for lower 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. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: of Labor Statistics, Federal Reserve, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ 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

As the Fed starts lowering the federal funds rate, mortgage rates are expected to go down throughout 2024. But the longer it takes for the Fed to cut, the longer we'll have to wait for lower mortgage rates. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Jerome Powell, Powell, Fannie Mae Organizations: Federal, Fed, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

☆ 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

So far this month, mortgage rates have been relatively steady. According to Zillow data, average 30-year mortgage rates have been around 6.34% in January, which is just slightly down from the previous month's average. The sooner the Fed cuts rates, the sooner mortgage rates can come down as well. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Jerome Powell, Powell, you'll, Fannie Mae Organizations: Federal, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Elizabeth Warren rips Fed for fueling affordability crisis in housing, calls for rate cuts
▼ + stars: | 2024-01-29 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —America has a housing affordability crisis and Elizabeth Warren blames Jerome Powell and his colleagues at the Federal Reserve. To fight inflation, the Fed spiked interest rates at the fastest pace since the early 1980s. However, the Fed’s war on inflation set off shockwaves in the housing market. The one-two punch of elevated borrowing costs and record-high home prices has made the housing market historically unaffordable. “High interest rates have aggravated the country’s crisis of housing access and affordability,” the Senate Democrats wrote.

Persons: Elizabeth Warren, Jerome Powell, Powell, Warren, ” Warren, Democratic Sens, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse, Freddie Mac, “, Tom Barkin didn’t, ” Organizations: New, New York CNN, Federal Reserve, CNN, Democratic, Democrats, Fed, National Association of Home Builders, Mortgage Bankers Association, National Association of Realtors, Richmond Fed Locations: New York, America, White

But barring any surprises in the latest economic data, mortgage rates shouldn't spike back up too high. This would remove a lot of upward pressure off of mortgage rates and finally allow them to fall. If the Fed suggests a cut is coming sooner rather than later, mortgage rates could trend back down a bit. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: We'll, we'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, ARM Locations: Chevron

☆ Homebuyer demand pushes mortgage applications higher, even as interest rates inch up again
▼ + stars: | 2024-01-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates rose slightly last week, but that did not seem to deter homebuyers who have come back after the holidays. Mortgage applications to purchase a home rose 8% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand, however, was still 18% lower than the same week one year ago, when rates were lower. "Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity," said Joel Kan, an MBA economist, in a release. Mortgage rates moved higher at the start of this week, although there appears to be no particular reason for the increase.

Persons: homebuyers, Joel Kan Organizations: Mortgage, Mortgage News, CNBC PRO Locations: Alhambra , California

☆ Commercial mortgage lending to jump 29% in 2024 after slowest year in a decade, Mortgage Bankers Association says
▼ + stars: | 2024-01-23 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Commercial mortgage borrowing will rise 29% this year, the Mortgage Bankers Association estimates. AdvertisementCommercial and multifamily mortgage borrowing and lending is forecast to surge 29% from last year's estimated total of $444 billion, the Mortgage Bankers Association estimates. "2023 is likely to go into the record books as the slowest year for commercial real estate borrowing and lending in roughly a decade," MBA Head of Commercial Real Estate Research Jamie Woodwell said in the report. AdvertisementTighter monetary policy since 2022 has pushed up borrowing costs across the commercial real estate market, and resulted in stricter lending standards among mortgage originators. Raichura expects prices to drop off another 10% this year, while a December outlook from NBER outlined that total commercial real estate losses could amount to $160 billion.

Persons: —, Jamie Woodwell, Kiran Raichura, Woodwell Organizations: Mortgage, Association, Service, Real, Federal Reserve

☆ There are 3 bullish signals flashing that point a recovery in the housing market, Compass CEO says
▼ + stars: | 2024-01-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

The housing market is flashing signs of life, Compass CEO Robert Reffkin said. AdvertisementThe housing market is flashing a handful of bullish signals for the year ahead, according to Compass CEO Robert Reffkin. The founder of one of the nation's top real estate brokerages said he believed the housing market will be on the path to recovery in 2024. But more owners appear to be moving out of necessity or have warmed up to the idea of selling as mortgage rates head lower. At this rate, buyers are outpacing sellers in the market, Reffkin said, noting that Compass's real estate agents are seeing more business in the new year.

Persons: Robert Reffkin, Reffkin, —, brokerages, Freddie Mac, Sam Lafoca, LM Otero, Sellers, Phil Noble, I've, Barbara Corcoran Organizations: Service, National Association of Realtors, CNBC, Community, Getty, Associated, REUTERS, Mortgage, Association, New Locations: lancaster California, USA, Dallas, Kirkham, England

So far this month, mortgage rates have been holding relatively steady after dropping down to an average of 6.43% in December, according to Zillow data. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well. Fannie Mae researchers expect prices to increase 3.2% in 2024, while the Mortgage Bankers Association expects a 4.1% increase in 2024.

Persons: homebuyers, Doug Duncan, Fannie Mae Organizations: Strategic Research, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

☆ The housing market will take off in a 2024 renaissance as construction, demand are set to surge, National Association of Home Builders CEO says
▼ + stars: | 2024-01-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe housing market is about to exit its slowdown and take off in a new growth period, according to National Association of Home Builders CEO Jim Tobin. AdvertisementThat's partly because mortgage rates have continued their steady decline in recent months. At the same time, prospective buyers are likely warming up to the new norm of 6% mortgage rates, and could be readying themselves to jump back into the housing market, he said. "I think that the world is getting ready to realize that we're no longer going back to those 3%-4% mortgage rates. Improving affordability conditions could cause home sales to jump 5% while home prices decline 1% in 2024, according to Redfin.

Persons: —, Jim Tobin, Tobin, Freddie Mac Organizations: Service, National Association of Home Builders, Business, Yahoo Finance, Mortgage, Association . Housing

The expectation of lower mortgage rates and higher demand means this year's homebuying season is shaping up to be a busy one. Though mortgage rates are expected to go down in 2024, there's no guarantee of when exactly they'll start to drop. Currently, average 30-year mortgage rates are down from their fall 2023 peak and have generally been hovering below 6.5% this month. Mortgage rates don't directly follow the Fed's benchmark rate, but investor expectations of how Fed moves could impact the broader economy can push mortgage rates up or down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: there's, Christopher Waller, Waller, they'll, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Brookings Institution, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Mortgage demand surges more than 10% as lower interest rates lure homebuyers
▼ + stars: | 2024-01-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

(Photo by ROBERTO SCHMIDT / AFP) (Photo by ROBERTO SCHMIDT/AFP via Getty Images)Another drop in mortgage interest rates caused a run on loans last week. Mortgage rates were about half a percentage point (52 basis points higher) one year ago. Nakita Bell, who is currently renting in Detroit, said the recent drop in rates prompted her to consider buying. Lower rates are also giving some current homeowners an opportunity to save money. While the vast majority of current borrowers have rates lower than those offered today, the recent drop is still having some effect on those whose loans carry higher rates.

Persons: Homeownership, Joe Biden, ROBERTO SCHMIDT, Joel Kan, Nakita Bell, I'm Organizations: AFP, Getty, Mortgage Locations: Clarksburg , Maryland, Detroit

Americans continued to spend heavily as 2023 came to an end, driving retail sales higher by 0.6% in December, fueled by online purchases and spending at bars and restaurants, the Census Bureau reported on Wednesday. Excluding auto sales and gasoline that tend to be volatile month to month, sales rose by 0.6% as well compared to forecasts of a 0.2% increase. “Strong increase of 0.6% with the control group that feeds into the estimate of GDP up a robust 0.8%. Outstanding credit card spending debt surpassed $1 trillion in the third quarter, although debt-to-income levels were below 10% and modest compared to the early 2000s. Behind the shift is a belief that declining inflation and a cut in interest rates will help the economy grow modestly as the year unfolds.

Persons: Joseph Brusuelas, Carl Marks, ”, Howard Meitiner Organizations: Census, RSM, Carl, Carl Marks Advisors, “ Retailers, Mortgage Bankers Association Locations: U.S

☆ Office properties lead surge in commercial real estate delinquency rates
▼ + stars: | 2024-01-16 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Delinquency rates on loans backed by office properties jumped to 6.5% in the fourth quarter, an MBA survey found. Out of all the commercial real estate loan delinquency rates tracked by the survey, office loans led the pack. AdvertisementFinancial troubles continue to plague the office market, which led an increase in commercial real estate loan delinquency rates. Zooming out, the commercial real estate sector has been in a pinch ever since interest rate hikes made borrowing money a lot more expensive. AdvertisementStill, MBA's survey found that while the office market segment of commercial real estate is still wobbling, other slices of the sector are recovering.

Persons: —, multifamily, Jamie Woodwell Organizations: Service, Financial, Mortgage Bankers Association, Capital Economics

Despite the latest Consumer Price Index data coming in a bit hot according to Thursday's report, mortgage rates have been holding steady this week. Average 30-year mortgage rates remained in a tight 6.3%-to-6.45% range, only up a little bit from the previous week. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: We'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates dropped substantially toward the end of last year, but it could be a few months before we see them ease further. This week, average 30-year mortgage rates inched up to 6.66%, according to Freddie Mac, a four-basis-point increase from the week before. Though we may need to wait a bit longer for the Fed to start cutting rates, once it does, mortgage rates should recede somewhat. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

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

☆ Mortgage demand jumps nearly 10% to start the year, even as interest rates tick up again
▼ + stars: | 2024-01-10 | 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. Real estate agents, however, say they are starting to see a new surge in demand from buyers who were sidelined by the higher rate environment. More consumers also said they expect mortgage rates to fall further, according to a recent report from Fannie Mae. Mortgage rates increased again slightly to start this week, but remain in the 6% range. If it is higher than expected, signaling there is more to do to curb inflation, mortgage rates could move up even more.

Persons: Joel Kan, Fannie Organizations: Mortgage, New, CNBC PRO Locations: Hercules , California, Fannie Mae

☆ 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 rates have been steadily trending down for over a month now, and they plunged even further last week. As long as inflation continues to decelerate, mortgage rates should go down in 2024. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. 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.

Persons: Fannie Mae Organizations: Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates fell dramatically last month, and they could drop further in 2024. Today, average 30-year mortgage rates are nearly 80 basis points down from where they were a month ago. As inflation continues to slow, mortgage rates should come down even more. This means that as long as inflation keeps decelerating, mortgage rates should come down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Jerome Powell, Powell, you'll, Fannie Mae Organizations: Spelman College, Zillow, Mortgage, Association, Sky Locations: Atlanta, Chevron

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