Purchase Mortgage Activity Ticks Up, Still Down YOY
Purchase mortgage application volume in the U.S., which is a leading indicator for sales, ticked up 6 percent over the past week in the absolute and 5 percent on a…
Benchmark Mortgage Rate Inches Down to Only 6.88 Percent
The average rate for a benchmark 30 year mortgage inched down 6 basis points (0.06 percentage points) over the past week to 6.88 percent, which is only 15 basis points…
Benchmark Mortgage Rate Nears 7 Percent
Following a key trend that shouldn’t catch any plugged-in readers by surprise, the average rate for a benchmark 30 year mortgage ticked up another 13 basis points (0.13 percentage points)…
Purchase Mortgage Activity Drops
Despite some misreports of a “market rebound” last week, purchase mortgage application volume in the U.S. dropped another 6 percent in the absolute, representing a 10 percent drop on a…
Number of Homes for Sale in San Francisco Trending Up, Sales Down
As we projected, the net number of condos and single-family homes listed for sale in San Francisco (i.e., inventory) continues to climb, having ticked up another 7 percent over the…
Benchmark Mortgage Rate Ticks Up to 6.77 Percent
As we outlined last week, prior to a market shock that appears to have caught some by surprise, the expected value of the Fed’s interest rate cuts this year was…
Mortgage Availability Inches Up From an 11-Year Low
Having dropped back down to its lowest level in over a decade at the end of last year, mortgage credit availability inched up 0.7 percent last month, with a 1.9…
Expected Value of Rate Cuts Tumbles, Mid-Six Rates Normalized
In a move that shouldn’t catch any plugged-in readers by surprise, the probability of a rate cut this quarter, based on movements in the futures market, has dropped to under…
Benchmark Mortgage Rate “Stabilizing” Above 6 Percent
With the probability of a rate cut this quarter having dropped, the average rate for a benchmark 30-year mortgage has inched back up to 6.69 percent. At the same time,…
Home Sales in San Francisco “Rebound!”
Having dropped to a seven-year low in the absolute earlier this month, despite the average 30-year mortgage rate having dropped a full point, the number of homes in contract to…