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Articles Recently Tagged: 30-Year Mortgage

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Benchmark Mortgage Rate Drops to 6.49 Percent, But…

Benchmark Mortgage Rate Drops to 6.49 Percent, But…

The average rate for a benchmark 30-year mortgage ticked down 9 basis points (0.09 percentage points) over the past week to 6.49 percent, which is only 109 percent higher than at the same time last year and 145 percent higher than last year’s all-time low of 2.65 percent. That... Read More »

Buyers are Borrowing/Paying Less for Homes

Mortgage loan application volume to finance the purchase of a home in the U.S. was only 41 percent lower on a year-over-year basis last week versus 46 percent lower the week before, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey data. At the same time, the median... Read More »

Benchmark Mortgage Rate Drops, But…

Benchmark Mortgage Rate Drops, But…

Buoyed by a slowdown in the pace of inflation, the average rate for a benchmark 30-year mortgage dropped 47 basis points over the past week to 6.61 percent but is facing headwinds as the Fed is expected to continue raising rates over the next couple of quarters, likely by... Read More »

Benchmark Mortgage Rate Ticks Back Over 7 Percent

Benchmark Mortgage Rate Ticks Back Over 7 Percent

While the average rate for a benchmark 30-year mortgage had slipped back under 7 percent last week, said average had been compiled prior to last week’s rate hike by the Fed. And while the majority of the latest rate hike appeared to have been priced-in to last week’s rates,... Read More »

Benchmark Mortgage Rate Slipped Under 7 Percent, But…

Benchmark Mortgage Rate Slipped Under 7 Percent, But…

The average rate for a benchmark 30-year mortgage ticked down 13 basis points over the past week to 6.95 percent, slipping back under 7 percent but still 125 percent higher than at the same time last year, over 160 percent higher than last year’s all-time low, and below its... Read More »

Benchmark Mortgage Rate Surpasses 7 Percent

Benchmark Mortgage Rate Surpasses 7 Percent

Having hit a 20-year high of 6.92 percent two weeks ago, the average rate for a benchmark 30-year mortgage has since ticked up another 16 basis points (0.16 percentage points) to 7.08 percent, an average rate which is 125 percent higher than at the same time last year, 167... Read More »

Mortgage Application Volume Drops to a 25-Year Low

With the benchmark 30-year mortgage rate having hit a 20-year high but still running below its long-term average, mortgage loan application volume in the U.S. dropped another 4 percent over the past week to its lowest level since 1997 and purchase mortgage activity is down 38 percent versus the... Read More »

Benchmark Mortgage Rate Hits a 20-Year High

Benchmark Mortgage Rate Hits a 20-Year High

The average rate for a benchmark 30-year mortgage jumped another 26 basis points (0.26 percentage points) over the past week to 6.92 percent, an average rate which is now 128 percent higher than at the same time last year, 165 percent above last year’s all-time low, and the highest... Read More »

Mortgage Application Volume Plummets

With the benchmark 30-year mortgage rate nearing a 20-year high, mortgage loan application volume plummeted over 14 percent last week, with a 13 percent drop in applications to purchase a home, both in the absolute and on a seasonally adjusted basis. And with last week’s plummeting, purchase mortgage application... Read More »

Mortgage Rates Rocket Across the Board

Mortgage Rates Rocket Across the Board

The average rate for a benchmark 30-year mortgage jumped another 41 basis points (0.41 percentage points) over the past week to 6.70 percent, an average rate which is 123 percent higher than at the same time last year, 153 percent above last year’s all-time low, and the highest average... Read More »