Tag Archives: Builder Confidence

The MBA reports a 4.2% week-over-week slide in overall mortgage application volume, with apps for home purchase mortgages falling to levels last reported in April of 1995, as rates shot up to the 7.30% range.

After seven straight months of positive sentiment in builder confidence, mortgage rates exceeding the 7% mark, as well as high shelter inflation, have eroded housing affordability and put a damper on consumer demand.

A new Zillow survey reveals that 80% of mortgage holders report having a rate of less than 5%, as over time, homeowners will come to terms with higher rates as commonplace.

Freddie Mac reports mortgage rates still in excess of the 6.75% mark, as home buyers are increasingly turning to new construction to secure a home, and home builders are responding by picking up the rate of construction.

A slowdown in inflation caused the 30-year, fixed-rate mortgage to take an 18-basis point week-over-week plunge after nearly crossing the 7%-mark the week prior.

After a three-week slide, Freddie Mac reports the fixed-rate mortgage rose four basis points week-over-week, and despite affordability headwinds, buyers have driven new home sales to levels seen in more than 12 months.

The MBA reports that new home sales have been driving purchase activity in recent months, as buyers continue to seek options beyond the existing-home market.

For the first time in nearly 11 months, solid demand, a lack of existing inventory, and an improvement in supply chain efficiency have all contributed to an uptick in home builder confidence nationwide.

With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.

The MBA reports April marked the third consecutive month of year-over-year growth in new home purchase apps, as the mortgage rate environment continues to factor into homebuying and selling decisions.