Tag Archives: fixed-rate mortgage (FRM)

Redfin reports that housing market activity is plunging further this fall than it did over the summer, with increased concern over 20-year high mortgage rates compounded by a volatile U.S. economy.

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.

On the heels of the Fed’s rate hike, mortgage rates edged near the 7% mark last week but trended back downward this week amid ongoing economic uncertainty.

The last time mortgage rates hovered near the 7% range was two decades ago, as continued Fed actions to ease inflation have forced the fixed-rate mortgage to 20-year highs.

The MBA reports that new home purchase applications were down year-over-year in August but made a comeback after four consecutive months of declines.

As the Federal Reserve issues another rate hike to tame high-riding inflation, Freddie Mac reported the fixed-rate mortgage climbed 27-basis points over last week, rising to levels last seen in 2008.

Freddie Mac reports the fixed-rate mortgage hit an average of 6.02% this week, a high point not seen since 2008 as affordability conditions continue to worsen for many potential buyers.

Mortgage rates jumped 23 basis points week-over-week, hitting a high mark last seen in late 2008, as heightened inflationary concerns are pushing more prospective buyers back to the sidelines.

S&P CoreLogic Case-Shiller reported a deceleration in home prices nationwide, with markets in the western portion of the country reporting the most notable waning of home price growth.

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.