Expect 2024 to be mildly better than 2023 with mortgage rates falling in the second half of the year, housing experts opined in their forecasts at the end of the year. Cuts to the Federal funds rate (and subsequently to mortgage rates) are imminent, traders enthused after December’s meeting of the Federal Open Market Committee [...]read moreThe mortgage rate pendulum swings yet again
Mortgage rates posted a big jump last week after Wednesday’s release of a higher-than-expected inflation report. As a result, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.24% on Tuesday, up from 7.16% one week earlier. That’s roughly 40 basis points above the rate at the start of the [...]read moreAs inflation heats up, mortgage rates also rise
New construction of residential homes receded in March, and multifamily housing starts also declined. Homebuilder confidence also dwindled in April due to elevated mortgage rates, coupled with a stronger-than-expected inflation reading. Privately owned housing starts fell to a seasonally adjusted annual rate of 1.321 million units, down 14.7% month over month and down 4.3% year [...]read moreThe new-home market is losing momentum
“We’re back in the land of 7%-plus mortgage rates,” Will Chang, Pennymac’s senior managing director and chief investment officer, said in an interview with HousingWire. “For better or worse, consumers are starting to realize that the days of 2% or 3% mortgages are well behind us and not going to be seen again for some [...]read moreAs a ‘higher-for-longer’ rate scenario unfolds, how is the mortgage industry adapting?
Mortgage demand increased slightly for the first time in four weeks, with a modest uptick in refinance applications leading the way. But don’t expect it to continue. Mortgage applications increased by 0.1% on a seasonally adjusted basis during the week ending April 5, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Mortgage [...]read moreMortgage demand increased for the first time in a month
The most anticipated economic report of the month showed that inflation has not just stalled, but increased. The news almost certainly rules out a rate cut in June, and traders are increasingly skeptical there will be more than a couple cuts in 2024, if any at all. Consumer prices in March were up 3.5% from [...]read moreInflation rose again in March. It’s another blow for the mortgage industry
Mortgage rates remained unchanged last week despite the release of the stronger-than-expected jobs report. HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.16% on Tuesday, unchanged from one week earlier. At the same time one year ago, the 30-year fixed rate averaged 6.46%. Meanwhile, the 15-year fixed rate averaged [...]read moreMortgage rates change little ahead of big inflation report
Older Americans who own their home are financially incentivized to stay put, which is likely to worsen the ongoing inventory shortage, two Redfin studies found. In one recent survey, Redfin found that over three-quarters (78%) of older American homeowners (ages 60 and up) are planning to stay in their current home as they age. Meanwhile, [...]read moreMajority of older homeowners plan to stay in their home as they age: Redfin
Mortgage rates remained stable this week as the personal consumption expenditures (PCE) inflation report matched economists’ expectations. As a result, HousingWire’s Mortgage Rates Center showed the average 30-year fixed rate for conventional loans at 7.17% on Tuesday, up from 7.16% one week earlier. At the same time one year ago, the 30-year fixed rate averaged [...]read moreMortgage rates stabilize prior to Friday’s jobs report
Mortgage demand remained subdued for the second consecutive week despite slightly lower mortgage rates. Mortgage applications decreased by 0.7% on a seasonally adjusted basis during the week ending March 22, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey. “Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage [...]read moreMortgage demand fell again last week