Tag Archives: fixed-rate mortgage (FRM)

The MBA reports that credit standards are becoming more restrictive, as its Mortgage Credit Availability Index drops to its lowest level since March of 2013.

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.

As the housing market continues to rebalance, a new Zillow survey of agents reveals the top misconceptions among aspiring homebuyers and sellers.

Diminished demand in the housing market has been further dampened by erratic mortgage rates, which dipped slightly this week, as affordability issues continue to put buying significantly out of reach for many.

For the first time since April 2022, mortgage rates have surpassed the 7% mark, with many potential buyers now waiting to see where the market is headed, thus pushing home prices further downward.

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.

The S&P CoreLogic Case-Shiller National Home Price NSA Index for August 2022 reported home price gains continued to slip, as inflation hit a four-decade high, resulting in less money in the pockets of Americans and diminished budgets.

With home sales on the decline and mortgage application volume falling to a 25-year low, Redfin reports sellers’ time on market has doubled from the spring as buyers wait for both prices and rates to come down.

Mortgage rates continue to force down application volume, with Freddie Mac reporting rates moving slightly upward yet again this week, adversely impacting the housing market as demand dwindles.

Single-family starts in 2022 are projected to hit an 11-year low, as builder confidence falls to its lowest level in more than a decade.