Applications for new home loans increased for the first time in three weeks, with interest rates showing volatility to the down side, according to data from the Mortgage Bankers Association. The MBA’s Market Composite Index, a measure of weekly application volume based on surveys of the trade group’s members, climbed up by a seasonally adjusted
Barbara Corcoran predicted mortgage rates will hit ‘a magic number’ and send housing prices ‘through the roof’ — here’s how to set yourself up today We adhere to strict standards of editorial integrity to help you make decisions with confidence. Some or all links contained within this article are paid links. Although many anxious Americans
Homebuyers are feeling whiplashed by surging mortgage rates, and their outlook just turned grimmer. The average rate on the 30-year mortgage increased to 7.37% on Thursday, a steep climb from 7.11% at the beginning of the week, according to Mortgage News Daily. The quarter-point increase comes as rattled investors respond to a hotter than expected
Mortgage borrowing moved sideways again last week, struggling to gain momentum, with rates volatile after stronger-than-expected economic reports. The Mortgage Bankers Association’s Market Composite Index, a measure of loan application volume based on surveys of the trade group’s members, still managed to eke out a seasonally adjusted 0.1% uptick compared to the prior survey, posting
Mortgage rates surged closer to 7% this week, a blow to hopeful homebuyers this spring. The rate on the 30-year fixed mortgage increased to 6.87% from 6.74% the week prior, according to Freddie Mac. Rates tilted higher as inflation remained hotter than expected, leading to the Fed putting off any potential rate cuts until summer.
Forbearance had primarily been a remedy for borrowers affected by the pandemic since the inception of the CARES Act, but now the latest Mortgage Bankers Association numbers show most utilize it for other reasons. Just 26.8% of the 115,000 consumers who have temporarily suspended payments are struggling due to issues linked to COVID-19, 12% have