Tag Archives: Mortgage Bankers Association (MBA)

In a week of turmoil in the economic markets as the FDIC was named receiver of two banks, Freddie Mac reported the fixed-rate mortgage retreated 13 basis points, ending a five-week run of increases.

The MBA reports that purchase applications increased for the second straight week but remained nearly 40% below last year’s pace, amid news of continued economic instability and several bank closures.

With the market still hampered by high mortgage rates and tight supply, MReport asks a panel of experts if the spring/summer 2023 housing market will bring homebuyers back off the sidelines.

Mortgage rates continued their upward trajectory, with potential buyers facing affordability and low inventory issues as the spring home buying season begins to ramp up.

After three weeks of consecutive declines, mortgage application volume took a sudden turn upward this week, despite mortgage rates nearing the 7% mark.

Continued economic growth and a rise in inflation have helped push mortgage rates up for the fourth consecutive week, making it difficult for potential buyers to jump into the purchase market.

Overall mortgage application volume fell 5.7% week-over-week, with homebuyers again retreating to the sidelines as a spike in mortgage rates hampered affordability.

Passage of HR 1059 will allow for the immediate nationwide use of RON; creation of national minimum standards; and provide certainty for the interstate recognition of RON.

The MBA reports that the national median mortgage payment applied for by purchase applicants increased 2.3% in December 2022, going from $1,920 to $1,964.

As existing-home sales fall for the 12th consecutive month, Freddie Mac reports that the rise in rates to 6.50% has exacerbated affordability issues for homebuyers nationwide.