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 »

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 »

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 »

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 »

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 »

As we noted last week, “the yield on the 10-year treasury inched up around 3 basis points since the Fed’s announcement, indicating the near-certain hike was already priced-in and should moderate any significant jumps in mortgage rates over the next week.” The average rate for a... Read More »

Mortgage loan application volume across the U.S. ticked up 2.0 percent over the past week on a seasonally adjusted basis and 3.0 percent in the absolute, according to data from the Mortgage Bankers Association. That being said, application volumes to refinance were down 72 percent on a year-over-year basis... Read More »

The average rate for a benchmark 30-year mortgage jumped another 28 basis points (0.28 percentage points) over the past week to 5.00 percent, which is 196 basis points and over 60 percent higher than at the same time last year, over two (2) full percentage points higher than in... Read More »

While Chicken John Rinaldi’s Chez Poulet has been on the market for two months at $899,000, on Monday Laughing Squid added a bit of color with a quote from John himself: I’m caught in the mortgage crisis by association. I took a 5 year arm mortgage with a balloon... Read More »

We’re wishing we hadn’t already used-up our “An ARM (And Quite Possibly A Leg)” headline. Considering how alarmed we’ve been with the explosion of ARM financing, we’re down right terrified with the adoption of “option ARMs”. A couple of excerpts from today’s WSJ article “Sore ARMs? A Peek Inside... Read More »