Tag Archives: Mortgage Bankers Association (MBA)

The MBA reports that lenders nationwide marginally increased their loan offerings to meet the changing needs of borrowers in the face of ongoing mortgage rates above the 7% mark.

Mortgage rates rose 18 basis points week-over-week according to Freddie Mac, forced upward by the trajectory of the 10-year Treasury yield, shifts in inflation, and the labor market.

A recent upward trend in Treasury yields has pushed mortgage rates above the 7.5% mark, further complicating the road to affordability for many as mortgage apps have dropped 6% week-over-week.

“In recent years, housing inventory constraints and home-price appreciation have resulted in rising average loan balances for single-family homeownership. Yet, financing lower balance loans is an essential way for the mortgage industry to facilitate access to affordable, lower-valued homes,” said MBA’s VP of Industry Analysis Marina Walsh, CMB.

Freddie Mac reports that mortgage rates reached levels last seen in December 2000, as the 30-year fixed-rate mortgage rose 12 basis points week-over-week and low supply continues to create affordability challenges for prospective buyers.

As mortgage rates advanced upward to levels last seen 20 years ago, the MBA reports overall application volume slipping yet again after a quick one-week rebound.

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.

Despite mortgage rates hitting the highest levels seen in a month, the MBA reports a week-over-week rise in overall mortgage application volume, led by renewed interest in FHA and conventional purchase apps.

In a new blog post, First American Chief Economist Mark Fleming explains that " “mortgage rate stability, even if the stabilization occurs at a higher level, is the key to a housing recovery.”

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.