Tag Archives: Mortgage Rates

Redfin released Thursday its Real-Time Demand Pulse, a monthly analysis of home tour requests and signed offers across 23 surveyed markets. According to the company, the number of home tour requests among thousands of its customers grew only 1.9 percent between January and February, falling short of a 6 percent increase over the same months in 2013. Meanwhile, signed offers increased 17.8 percent compared to a 20 percent jump last year.

Last week’s improved (though still not great) jobs report brought a little bit of comfort to the financial markets, pushing mortgage rates up for the week. According to Freddie Mac’s Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage (FRM) came up nearly a tenth of a percentage point to 4.37 percent (0.6 point) for the week ending March 13. Meanwhile, Bankrate.com’s weekly national survey showed increases all around.

In a blog post, CoreLogic's Mark Fleming notes that as of the most recent numbers, mortgage applications are down 54 percent compared to a year ago, with much of that decline stemming from a plunge in refinances (down 65 percent year-on-year). However, while rising interest rates have removed some of the incentive homeowners had to move or refinance, improving home prices have created a greater space for home equity loans. "This is good news for the home improvement industry and mortgage lenders who focus on home equity lending, as both will benefit from the resurgent consumer demand," he said.

An uptick in interest rates brought early March mortgage applications down, the Mortgage Bankers Association (MBA) reported. MBA's Market Composite Index, a weekly released measure of mortgage loan application volume, fell 2.1 percent on a seasonally adjusted basis for the week ending March 7. On an unadjusted basis, the index dropped 1 percent.

Freddie Mac released Thursday the results of its Primary Mortgage Market Survey for the week ending March 6, showing the 30-year fixed-rate mortgage (FRM) falling 9 basis points to an average rate of 4.28 percent (0.7 point). Bankrate.com’s national survey showed slightly less dramatic movements, but rates were down all the same.

Origination numbers remained weak through the end of 2013, and the odds of a resurge in refinances boosting volumes don’t look great, either, according to Black Knight Financial Services (BKFS). “In January, we saw origination volume continue to decline to its lowest point since 2008, with prepayment speeds pointing to further drops in refinance-related originations,” said Herb Blecher, SVP of BKFS’ Data & Analytics division.

Think home inventory will see a big boost as owners gear up for the spring shopping season? Survey results from Redfin suggest otherwise. In a poll of more than 1,900 homebuyers across 22 major metro areas, the online broker found 39 percent of homeowners have plans to rent out their existing home after buying a new place—limiting the number of supply coming to the market.

Despite declines in Freddie Mac’s Primary Mortgage Market Survey throughout the month, national data from the Federal Housing Finance Agency (FHFA) shows mortgage rates about a tenth of a percent from December to January. Based on a collection of data from a small monthly survey of lenders, FHFA reports the contract rate for the composite of all mortgage loans closed in January was 4.36 percent, up 11 basis points from December.

Freddie Mac’s Primary Mortgage Market Survey, released Thursday, has fixed-rate mortgage (FRM) products rising over the week ending February 27, with the 30-year fixed coming up to 4.37 percent (0.7 point) from 4.33 percent previously. A year ago, the 30-year FRM averaged 3.51 percent. At the same time, finance site Bankrate.com reported opposite movements in its own national survey.

Despite reports of declining home affordability nationwide, Trulia’s latest data shows purchasing a home still remains more affordable than renting in the largest markets—though the scale is close to tipping in a few. Mortgage rates would have to climb to 10.6 percent before ownership costs eclipsed rental costs on a national scale, Trulia says in its Winter 2014 Rent vs. Buy Report. For some markets, however, that number dips as low as 5.0 percent.