Tag Archives: Inflation

Mortgage rates gained just one basis point week-over-week according to Freddie Mac, marking the sixth consecutive week that the 30-year rate exceeded the 7% mark, pushing down home builder sentiment nationwide.

As challenges persist for first-time homebuyers, mortgage rates trended upward yet again, rising six basis points week-over-week and remaining above the 7% mark for the fifth straight week.

“The housing market appears to be stuck heading into autumn, with sales activity likely to stay stagnant until housing inventory increases, and mortgage rates decline to more affordable levels,” said MBA President and CEO Bob Broeksmit. Click through to read more on this week's mortgage rates.

As the average 30-year fixed mortgage rate nears 8%, new commentary from First American Chief Economist Mark Fleming details the predictions of where mortgage rates will end up throughout the remainder of the year.

The Q2 2023 TransUnion Credit Industry Insights Report reveals the latest credit trends as lenders have begun to tighten underwriting. Some 50% of Gen Zers surveyed say they plan to apply for new credit or refinance existing credit within the next year.

According to a new report from Redfin, only Western regions are experiencing a drop in asking rents, which are continuing to cool after surging nearly 20% last year.

While households nationwide continue to struggle with the increased cost of living, doxoINSIGHTS’ 2023 State by State Bill Pay Market Report revealed the average American is spending almost $25,000 per year on household expenses, with 73% of consumers reporting that inflation is currently impacting their ability to pay bills.

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.

As markets responded positively to data showing that U.S. inflation continues to cool, the MBA reports that mortgage application volume rose week-over-week, with refi apps increasing more than 7%.

“Homebuyer demand has bottomed out,” Redfin Chief Economist Daryl Fairweather said. “High rates are still giving a lot of buyers pause, but the sticker shock is no longer as severe as it was when rates skyrocketed last year.