Mortgage Rates at Seven Week Low, Fed Reserve Chairman Signals New Direction
Mortgage rates eased slightly, decreasing by six basis points last week according to the Freddie Mac Primary Mortgage Market Survey as of July 2nd. With rates at a seven-week low and purchase demand continuing to edge higher, it’s an encouraging sign as prospective homebuyers respond to modest improvements in affordability. Mortgage applications increased 0.04 percent […]
Mortgage Rates Hold Steady, But Inflation Heats Up
Mortgage rates increased by two basis points last week according to the Freddie Mac Primary Mortgage Market Survey as of June 15th. Rates have remained relatively stable over the last six weeks. Meanwhile, purchase activity eased modestly, and refinance activity has continued to pick up recently, reflecting borrowers’ responsiveness to current rate levels. Mortgage applications […]
Mortgage Rates Decrease Amid Strong Retail Sales Growth
Mortgage rates decreased by five basis points last week according to the Freddie Mac Primary Mortgage Market Survey as of June 18th. Incoming data continues to reflect a resilient consumer, with retail sales improving and pending home sales strengthening, suggesting purchase demand is continuing to modestly improve. Mortgage applications decreased 3.8 percent from one week […]
Rates Increase Slightly Amidst Strong Job Growth and Higher Inflation
Mortgage rates increased by four basis points last week according to the Freddie Mac Primary Mortgage Market Survey as of June 11th. Stronger employment momentum has helped existing home sales reach a five-month high. Importantly, homebuyers are looking past the short-term rate fluctuations and actively entering the market, signaling renewed confidence in homeownership opportunities. Mortgage […]
Rates Decrease Amid Higher Claims for Unemployment Benefits
Mortgage rates decreased by five basis points last week according to the Freddie Mac Primary Mortgage Market Survey as of June 4th. Although rates have generally been on an upwards swing since late April, they are still 37 basis points lower than in the same period last year. With mortgage rates in the mid-6% range […]
Rates Hold Steady, Despite Inflation Increasing at a Fast Pace
Mortgage rates increased fifteen basis points last week according to the Freddie Mac Primary Mortgage Market Survey as of May 21st. “Higher Treasury yields continued to push mortgage rates higher last week, weighing on affordability and overall application activity,” MBA president and CEO Bob Broeksmit said in a statement. Bond yields have spiked dramatically in […]
Rates Little Changed, But Consumer Price Index Coming In Higher Than Expected
Mortgage rates decreased one basis point last week according to the Freddie Mac Primary Mortgage Market Survey as of May 14th. After increasing almost 50 basis points over the course of March, rates have now trended downwards by about 10 basis points in the past six weeks. While purchase demand is softening, it remains above […]
Rates Up Again, Economic Activity Remains Strong
Mortgage rates increased another seven basis points last week according to the Freddie Mac Primary Mortgage Market Survey as of May 7th. Recent data points to slightly better conditions for buyers with a boost in new-home sales, median new-home prices being down to their lowest level since July 2021, and higher inventory than in recent […]
Rates Rise Slightly, Consumer Sentiment at an All Time Low
Mortgage rates increased seven basis points last week, effectively putting us back where we were two weeks ago, according to the Freddie Mac Primary Mortgage Market Survey released on April 30th. As rates have modestly declined in the last few weeks, purchase demand has accelerated with purchase applications rising to over 20 percent above a […]
Rates Continue to Fall as Retail Sales Continues to Show Unexpected Strength
Mortgage rates decreased another seven basis points according to the Freddie Mac Primary Mortgage Market Survey released on April 23rd. This is now a total of twenty-three basis points over the past three weeks. Said differently, of the 48-basis point run-up in rates during March and early April, we have now gained back roughly half […]
