The average for a 30-year loan declined to 5.10% from 5.25% last week, Freddie Mac said in a statement Thursday. That was the biggest decline since April 2020, but rates are still well above the 3.11% level at the end of last year. While rates slipped for the second week in a row, their rapid rise over the… Read More »
Mortgage rates turned lower for the second straight week, but it wasn’t enough to boost demand for either new purchase loans or refinances, according to a weekly report from the Mortgage Bankers Association. Rates are still much higher than they were for the past two years. Last week the average contract interest rate for 30-year fixed-rate mortgages with… Read More »
The housing market has been hot for a couple of years now, and that’s unlikely to change any time soon as millennial demand remains red hot, according to new data from Bank of America (BAC). The 2022 Millennial Home Improvement Survey found that 67% of Generation Y responded that they were likely to buy in the next two… Read More »
There’s no way around it: if the Federal Reserve is going to get runaway inflation back under control, it’s going to cause some economic damage along the way. The central bank has already put immense upward pressure on mortgage rates, which have spiked from 3.11% to 5.25% over the past five months, as it works to cool one of inflation’s… Read More »
Collateral valuation expert and industry veteran joins to help drive development. Washington, D.C., – May 16, 2022 – Appraisal Logistics, a leading provider of high quality appraisal management technology and compliance solutions for the residential/commercial mortgage industry, announced today that Elizabeth Green, an industry veteran and collateral valuation expert who has served the mortgage industry for 30 years,… Read More »
The share of ARMs made up 10.8% of overall loans last week, according to MBA, the highest point since March 2008 and more than doubling the 4.4% of purchase application activity for the week ending January 27. (The share ticked back down to 10.3% this week.) Before then, ARM activity was even less. It’s no big surprise, given… Read More »
“This is another upward inflation surprise and suggests that the deceleration is going to be painstakingly slow,” said Seema Shah, chief strategist at Principal Global Investors. The Fed lifted interest rates by half a percentage point last week and Chair Jerome Powell signaled hikes of the same magnitude at its coming meetings in June and July as officials… Read More »
The average for a 30-year loan was 5.3%, up from 5.27% last week and the highest since July 2009, Freddie Mac said in a statement Thursday. Rates tracked yields for 10-year Treasuries, which last week reached 3% for the first time since 2018. US consumer prices rose more than forecast in April, signaling the Federal Reserve will need… Read More »
The average interest rate on the most popular U.S. home loan rose to its highest level since 2009 last week and demand for mortgages jumped for a second straight week despite the rising costs, Mortgage Bankers Association data showed on Wednesday. The average contract rate on a 30-year fixed-rate mortgage increased to 5.53% in the week ended May… Read More »