Despite the Fed’s recent rate hikes, the average rate for a benchmark 30-year mortgage had plunged from 5.81 to 4.99 percent over the past six weeks, including a 31 basis point (0.31 percentage point) drop over the past week alone, driven by an “increased risk of a formal recession... Read More »

Measured prior to yesterday’s announcement of another 75 basis point hike to the federal funds rate, the average rate for a benchmark 30-year mortgage had dropped 24 basis points (0.24 percentage points) over the past week to 5.30 percent, which was still 250 basis points and roughly 90 percent... Read More »

Having dropped half a percentage point from its 13-year high of 5.81 percent last month, driven by increasing concerns of a recession and hard landing, the average rate for a benchmark 30-year mortgage has since ticked back up 21 basis points (0.21 percentage points) to 5.51 percent, which is... Read More »

Having hit 5.81 percent two weeks ago, which was the highest average rate since November of 2008 and above-average over the past 30 years, the average rate for a benchmark 30-year mortgage has since dropped 51 basis points (0.51 percentage points) to 5.30 percent with a 40 basis point... Read More »

Having inched up another 3 basis points (0.03 percentage points) over the past week to 5.81 percent, which is the highest average 30-year mortgage rate since November of 2008, the benchmark mortgage rate is now above its 30 year average for the first time in over two decades and... Read More »

The average rate for a conforming 30-year mortgage rocketed 55 basis points (0.55 percentage points) over the past week to 5.78 percent which is the highest average rate since November of 2008.  As such, the current 30-year rate is now 97 percent higher than at the same time last... Read More »

The probability of the Fed raising the federal funds rate by three quarters of a percentage point (75 basis points) this afternoon has jumped from under 10 percent last week to over 95 percent today, based on an analysis of the futures market. As such, the benchmark 30-year mortgage... Read More »

Having inched down to 5.09 percent last week, the average rate for a conforming 30-year mortgage has since ticked back up to 5.23 percent which is back to within 7 basis points (0.07 percentage points) of the 670-week high it hit last month. As such, the current 30-year rate... Read More »

Having hit 5.30 percent two weeks ago, representing a 670-week high, the average rate for a conforming 30-year mortgage has since ticked down 20 basis points (0.2 percentage points) to 5.10 percent. That being said, the current 30-year rate is still 215 basis points or over 70 percent higher... Read More »

Having ticked up 2 percent last week, mortgage loan application volume across the U.S. has since dropped 11 percent on both an absolute and seasonally adjusted basis, according to data from the Mortgage Bankers Association, with a 12 percent drop in applications to purchase a home. As such, purchase... Read More »