Volumes

Riding the hopes that the Federal Reserve will slow its pace of rate hikes, Freddie Mac reported that the 30-year, fixed-rate mortgage fell yet again, as house prices soften with 2022 coming to a close.

NAR reports that month-over-month, contract signings fell in three of four major U.S. regions, with only the Midwest showing signs of improvement.

After a historic decline in mortgage rates last week, a second consecutive week of rate drops has given way to a 2.2% rise in overall mortgage applications.

A new report from Citizens Financial found that homeowners are following their home’s equity more closely as prices continue to fluctuate.

A new Zillow analysis found that sellers looking to slash prices are doing so on a Thursday, with price cuts on average nearly 3% of the listing price, or $11,000 off the price of a typical U.S. home.

NAR reports that existing-home sales nationwide faded for the ninth straight month to a seasonally adjusted annual rate of 4.43 million.

With news that inflation may have peaked, Freddie Mac reports that the fixed-rate mortgage fell below the 7% mark, leading to a slight rise in overall mortgage app volume for the week.

The MBA reports that mortgage rates exceeding the 7% mark and declining purchasing power leading are contributing to fewer new applications nationwide. 

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The MBA reports an uptick in overall mortgage application volume week-over-week, led by a 4% rise in home purchase applications, despite an 88% year-over-year drop-off in refinance activity.