As mortgage rates creep toward the 7% mark, the MBA reports a third straight week of waning interest in mortgage apps, with a lack of inventory playing a role in purchase app drop-off.
Read More »Home Affordability Takes Another Hit in April
“Homebuyer affordability eroded further in April, with both the typical borrower monthly payment and median purchase amount rising due to higher rates and home prices,” said Edward Seiler, MBA's Associate VP, Housing Economics, and Executive Director, Research Institute for Housing America.
Read More »Mortgage Apps Fall Nearly 5% Week-Over-Week
With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.
Read More »New Home Purchase Apps Rise 4% YoY
The MBA reports April marked the third consecutive month of year-over-year growth in new home purchase apps, as the mortgage rate environment continues to factor into homebuying and selling decisions.
Read More »Rates Keeping Many Prospective First-Time Homebuyers on Sidelines
Freddie Mac reports that, after retreating for two consecutive weeks, the 30-year fixed-rate mortgage edged back upward this week, nearing the 6.40%-mark, and forcing app volume downward.
Read More »Independent Mortgage Bank Origination Profits Take Q1 Hit
As the industry continues to face challenging conditions, the MBA reports that independent mortgage banks have endured four consecutive quarters of production losses, and nine consecutive quarters of volume declines.
Read More »Purchase Apps Fall to Slowest Pace in a Month
The MBA reports that overall app volume dropped nearly 6% week-over-week, with the 30-year fixed-rate mortgage jumping nine basis points to its highest level in nearly two months.
Read More »Mortgage Rates Slide for Second Straight Week
Prospective spring home buyers have responded to a second straight week of falling rates according to Freddie Mac, as they pounce on the nation’s limited housing supply, and have driven app volume upward.
Read More »Credit Availability for Mortgages on the Decline
“Even with high mortgage rates and reduced credit availability, the lack of for-sale inventory continues to be the biggest hurdle to more home purchase growth this year,” said Joel Kan, MBA’s VP and Deputy Chief Economist.
Read More »Mortgage Rates Fall After Two-Week Jump
Freddie Mac reports that mortgage rates slid this week after two consecutive weeks of gains, amid both the failure of yet another bank and another rate hike from the Federal Reserve.
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