Prospective borrowers face record-high monthly payments if they buy a home today, as the traditional spring purchase season begins. The typical homebuyer’s monthly payment is $2,563 this week, up 29% from the same time last year, Redfin said in a report Friday. The jump from the average $1,988 monthly payment last March is the result … [Read more…]
Mortgage rates fall for the third straight week, but demand still drops further CNBC
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A surge in demand for government loans and adjustable-rate mortgages (ARMs) played a role in the mortgage application uptick last week.
The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, increased 7.4 percent on a seasonally adjusted basis compared to the previous week. On an unadjusted basis, the Index was up 9 percent. The Refinance Index rose 9 percent from the previous week and was 76 percent lower than the same week in 2022. The refinance share of mortgage activity increased to 28.9 percent of total applications from 28.7 percent. [refiappschart] The Purchase Index was 7 percent higher than the prior week on a seasonally adjusted basis and up 9 percent before adjustment. Purchase volume has declined 42 percent on an annual basis. [purchaseappschart] âMortgage rates continued to increase last week. The 30-year fixed rate rose to 6.79 percent â the highest level since November 2022 and 270 basis points higher than a year ago,â said Joel Kan, MBAâs Vice President and Deputy Chief Economist. âEven with higher rates, there was an uptick in applications last week, but this was in comparison to two weeks of declines to very low levels, including a holiday week. Comparing the application indices from a year ago, purchase applications were still down 42 percent, and refinance activity was down 76 percent . Many borrowers are waiting on the sidelines for rates to come back down.â Other Highlights from MBAâs Weekly Mortgage Applications Survey
Mortgage demand took a big step back last week, even after interest rates fell further CNBC
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