Tag Archives: Primary Mortgage Market Survey (PMMS)

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.

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.

“Mortgage rates moved up for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing.”

What caused the uptick in fixed mortgage rates, and what might it mean for the housing market in the months ahead?

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.

First American reports that between September 2022 and October 2022, rose nearly 9% month-over-month, with the rapid annual decline in affordability driven by a 12% annual increase in nominal house prices.

Mortgage rates trended upward to close out the year, as Freddie Mac’s Chief Economist forecasts the housing will remain weak throughout the winter.

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

Redfin reports that housing market activity is plunging further this fall than it did over the summer, with increased concern over 20-year high mortgage rates compounded by a volatile U.S. economy.

Cake Mortgage CEO David Abelyan shares his perspective on what needs to be done in the market to help alleviate the affordability issue, and what products are ideal to assist first-time buyers.