The number of applications to secure a purchase mortgage loan for an existing home in the U.S. dropped another 5 percent over the past week in the absolute and 4 percent on a seasonally adjusted basis, according to application data from the Mortgage Bankers Association. As such, purchase mortgage... Read More »

The average rate for a benchmark 30-year mortgage inched back up 4 basis points (0.04 percentage point) over the past week to 6.39 percent, which is 114 basis points and roughly 20 percent higher than at the same time last year. At the same time, credit availability has dropped... Read More »

The number of applications to secure a purchase mortgage loan for an existing home in the U.S. dropped 5 percent over the past week on both an absolute and seasonally adjusted basis, reversing an uptick the week prior, according to application data from the Mortgage Bankers Association. As such,... Read More »

As projected, the average rate for a benchmark 30-year mortgage inched down another 4 basis points (0.04 percentage point) over the past week to 6.35 percent but remains 20 percent (105 basis points) higher than at the same time last year, with significantly tighter lending standards and the average... Read More »

Having inched up 0.4 percent in March, mortgage credit availability, as indexed by the Mortgage Bankers Association, slipped 0.9 percent in April and is back to its lowest level since January of 2013, with “significantly reduced origination volume” (i.e., sales), a tightening in broader credit conditions, and “expectations of... Read More »

Measured prior to yesterday’s quarter point hike by the fed, the average rate for a benchmark 30-year mortgage had inched back down 4 basis points (0.04 percentage point) over the past week to 6.39 percent, offsetting the 4 basis point rise the week prior. As such, the average 30-year... Read More »

The number of applications to secure a purchase mortgage loan for an existing home in the U.S. ticked down a (1) percent over the past week. And having ticked down two (2) percent on a seasonally adjusted basis, purchase mortgage activity was 32 percent lower than at the same... Read More »

The average rate for a conforming 30-year mortgage has fallen for the third week in a row to 3.66 percent, the lowest rate since May 2013 when the rate averaged 3.59 percent and 75 basis points below the 4.41 percent average rate at the same time last year. And... Read More »

The availability of mortgage credit is increasing, driven by a rise in the number of jumbo Adjustable Rate Mortgage programs in the market, according to the Mortgage Bankers Association’s latest Mortgage Credit Availability Index. In addition, minimum credit scores and maximum loan-to-value ratios for FHA and VA loans have... Read More »

Having dropped to a six-month low last week, the average rate for a conforming 30-year mortgage has ticked down one more basis point to 4.20 percent, 38 basis points below the three-year high rate of 4.58 percent recorded this past August. At the same time, Wells Fargo is now... Read More »