Tag Archives: Mortgage Bankers Association (MBA)

Redfin reports that 2023 has begun with homes selling for nearly the same price as a year earlier, with nationwide prices up just 0.5% year-over-year.

Freddie Mac reports that 2023 has begun with a second consecutive week of mortgage rate hikes, with app activity sinking to a quarter-century low as high rates continue to weaken the housing market.

Elevated mortgage rates continue to accentuate affordability concerns, keeping many prospective buyers out of the market. Meanwhile, the MBA reports application volume slid to close out 2022.

Freddie Mac reports the fixed-rate mortgage sliding for the sixth straight week, with the downward trend in rates resulting in a rise in refis, offsetting a week-over-week decrease in purchase activity.

The MBA reports that the downturn in mortgage rates has triggered homebuyer interest, as overall app volume has increased for the second consecutive week, and refinance activity rose 6% week-over-week.

With the dip in mortgage rates now surpassing a month, a slight uptick in mortgage apps has led to a recent stabilization in purchase demand.

As the fixed-rate mortgage slips another week, the MBA reports that mortgage apps have risen week-over-week amid news of the Fed’s latest action to correct the nation’s inflationary concerns.

This latest action by the Federal Reserve to raise rates is intended to remove money from the economy, reduce demand, and drive prices lower as inflation nears a 40-year high.

Mortgage rates fell for the fourth consecutive week, and with lingering concerns over less-than-stellar economic growth, overall homebuyer sentiment continues to lag.

For the first time in nine months, the MBA reports that mortgage credit availability increased in November, driven by a spike in the interest of ARM loans amid a declining rate environment.