Mortgage News and Rate Updates
Mortgage Rates Exceed 4% for the First Time in Three Years
Mortgage rates rose again this week, climbing over 4% for the first time since May 2019. The average 30-year, fixed-rate mortgage is 4.16%, according to the latest numbers from Freddie Mac. Sam Khater, Freddie Mac’s Chief Economist, says that rates…
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Mortgage Rates Jump, But Purchase Loan Demand Still Rises
Mortgage rates increased this week, hitting 3.10% on the average 30-year loan. That’s up from 2.98% a week prior. Despite the increase, purchase loan activity increased 2% over last week, according to the Mortgage Bankers Association. “Purchase applications increased for…
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Mortgage Rates Remain Stable; Purchases, Refis Dip
Mortgage rates largely held steady this week. According to Freddie Mac, the average rate on 30-year loans sits at 2.88% — up just one basis point from 2.87% last week. The bump, however slight, did little to encourage mortgage activity,…
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Rates Fall Across the Board, but Application Volume Continues to Dip
Mortgage rates fell once again this week, dropping to just 2.90% on 30-year, fixed-rate loans. Yet, despite the drop in rates, mortgage activity continued to decline overall. In particular, both purchase and refinance saw a decline over the last week.…
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Purchase Activity Falls, While Mortgage Rates and Refis See Uptick
For the second week in a row, overall mortgage activity increased, this time rising 1.2% over the week. Unfortunately, purchase loans decreased 4%, likely due to low inventory and rising home prices. “There continues to be strong demand for buying…
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Homebuyer Demand Remains Strong, Despite Rising Mortgage Rates
Mortgage rates rose yet again, dampening refinance demand significantly. According to the latest data from the Mortgage Bankers Association, the average rate on a 30-year, fixed-rate loan now clocks in at 3.36% — up 0.50 since the start of 2021.…
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Purchase Loans Increase; Refis Slide as Rates Jump Again
Once again, mortgage rates are up, and overall activity is down. According to the Mortgage Bankers Association, mortgage applications were down 1.3% this week. Refinancing activity dipped 5% and is now 43% lower than it was a year ago. The…
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Mortgage Rates, Applications Jump Thanks to Economic Optimism
Mortgage applications recovered slightly from last week, inching up 0.5% compared to the week prior, according to the Mortgage Bankers Association. Purchase loans increased by 2%, while refinance loans rose just 0.1%. The news is a little surprising given the…
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Rates Rise for Third Week in a Row, Sending Applications Downward
Mortgage activity fell for the third week in a row, as interest rates rose once again. According to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association, loan application volume fell by 11.4% over the last week. Purchase…
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Mortgage Activity Slides as Interest Rates Rise Again
Mortgage activity dipped this week as interest rates once again jumped. According to the latest data from the Mortgage Bankers Association, overall mortgage applications dropped 5.1% — up from last week’s decrease of 4.1%. Purchase loans fell the most, dipping…
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