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Tag Archives: Douglas G. Duncan

Mortgage Rates Edge Back Above 7%

After slight relief in mortgage rates last week, the Fed’s sixth rate hike of the year finds the housing market adjusting to rapidly tightening monetary policies, as rates returned north of the 7% mark.

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Single‐Family Home Sales Slip Nearly 20% YoY

With fixed-rate mortgages up nearly 195 basis points since mid-summer lows, new single-family homes tumbled in September, with more homeowners opting to remain in their current homes amid the erratic rate environment.

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Refi Volume Slips 86% Year-Over-Year

As fixed-rate mortgages continue to edge toward 7%, the MBA reports refinance volume has dropped off nearly 90% from last year’s totals, as both refinancing and home purchase apps declined and fell further behind last year’s record levels.

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Erratic Mortgage Rates Jump Back Upward

After falling back toward the 5%-mark, Freddie Mac reports that mortgage rates rose more than 40-basis points this week, as continued slowdown in economic growth weighs on the housing market.

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