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Tag Archives: Mortgage Rates

Weak Application Volumes Get Weaker

The Mortgage Bankers Association reported a 1.6 percent decline in its Weekly Mortgage Applications Survey for the week ending April 4. Week-over-week, MBA’s Refinance Index fell 5 percent, declining to its lowest level since the end of last year. Purchase home mortgage activity was healthier last week compared to the week prior, coming up 3 percent.

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Analysts: Despite Challenges, Housing Still Attractive

In an analysis gauging the recovery’s progress, Fitch Ratings listed harsh winter weather across the country as one of the biggest factors moderating the housing recovery, though higher interest rates and home prices have also provided some drag. Affordability will likely only deteriorate. Looking at 2014, Fitch expects new home prices to rise between 2.5–3.5 percent, with existing-home prices also moving up.

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Americans’ Feelings Mixed on Present, Future of Housing

Fannie Mae released Monday its most recent National Housing Survey, revealing a slight softening in the housing recovery as monthly indicators remain volatile. “The housing recovery continues to proceed in fits and starts,” said Doug Duncan, SVP and chief economist at Fannie Mae. “Rising mortgage rates and a lack of supply have dampened housing market momentum.”

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One-Third of For-Sale Homes Considered ‘Unaffordable’

Recovery in the housing market is not without its side effects, particularly in major metro markets on the West Coast and in Florida. A look into 35 major markets by Zillow reveals that buyers making the median income in Southern California, the Bay Area, Portland (Oregon), Denver, and Miami face markets where more than half the available homes are beyond their price range—which could mean the beginning of a new housing bubble.

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Mortgage Rates Little Changed in Light News Week

Freddie Mac released Thursday the results of its latest weekly Primary Mortgage Market Survey, showing the average rate on a 30-year fixed-rate mortgage (FRM) coming up to 4.41 percent (0.7 point) for the week ending April 3—a minor increase from 4.40 percent last week. “Mortgage rates were little changed amid a week of light economic reports,” said Frank Nothaft, VP and chief economist for Freddie Mac.

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Interest Rates Set Back Consumers’ Buying Plans

According to a report released by Thomson Reuters and the University of Michigan, consumer sentiment retreated last month to an index reading of 80.0, down 2 percent from February’s 81.6. The most immediate concern, according to the survey, is the ongoing slowdown in home value gains. Given the stall in price improvements and the increase in interest rates over the last year, plans to purchase homes are reportedly on the decline.

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FHFA: Mortgage Rates Slip in February

Contract mortgage interest rates decreased slightly from January to February, according to data from the Federal Housing Finance Agency (FHFA). The agency reported late March that the national average contract rate for the purchase of previously occupied homes was 4.30 percent for loans closed in late February, a decline of 0.07 percent. Meanwhile, the average loan amount for all loans was down $8,700 to an average $275,700.

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Yellen Projections Drive Up Interest Rates

In its weekly Primary Mortgage Market Survey, Freddie Mac reported an increase of 8 basis points in the 30-year fixed average rate, bringing up to 4.40 percent for the week ending March 27. Frank Nothaft, chief economist for Freddie Mac, explained the increase: “Mortgage rates rose following the uptick on the 10-year Treasury note after comments by the Federal Reserve Board Chair Janet Yellen indicated a possible increase in interest rates as soon as early 2015.”

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Mortgage Rates Down in Lead-Up to Fed Announcement

Freddie Mac’s weekly Primary Mortgage Market Survey, released Thursday, showed the 30-year fixed-rate mortgage (FRM) averaging 4.32 percent (0.6 point) for the week ending March 20, down from last week, when it averaged 4.37 percent. A year ago, the 30-year FRM average was 3.54 percent. Since falling from 4.53 percent in 2014’s first weeks, the 30-year fixed average has seen limited movements since, staying in the 4.2-4.3 percent range.

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Mortgage App Volumes Down Another 1.2%

Last week saw another tumble in mortgage applications despite a slight fallback in interest rates, according to weekly data from the Mortgage Bankers Association (MBA). MBA’s Market Composite Index, a measure of loan application volume, fell 1.2 percent on a seasonally adjusted basis for the week ending March 14. On an unadjusted basis, the index dropped 1 percent compared to the previous week.

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