Tag Archives: Refinance

Despite the Fed continuing to raise interest rates, overall mortgage refinance application volume rose 10% week-over-week, hitting levels last seen in September of 2022.

Due to persistently high home prices, new homebuyers may shell out costly amounts for their mortgage payments, as a new study from LendingTree reveals that the average nationwide payment on a new mortgage has reached $2,317 a month.

While both conventional and government home purchase applications increased last week, activity remains nearly 30% below last year’s pace, as elevated mortgage rates and low supply continue to moderate the market.

Lenders remained profitable during the refi boom, but as Carlos Sa of MILOS explains, most lenders had difficulty keeping up, as refis are not always as simple as we’d like.

Some of the pain the mortgage industry is experiencing is self-inflicted and can be corrected, as Louis Zitting of MonitorBase explains there is still time to pivot, salvage what’s left, and develop a path forward to experience success.

After a slight break last week, Freddie Mac reports the fixed-rate mortgage inched closer toward the 7% mark, as recessionary concerns and housing affordability continue to drive down housing demand.

Ongoing affordability challenges and low inventory are pushing mortgage application volume back down, after a near-month-long stretch of trending upward, according to the MBA.

The MBA reports that purchase activity was down 10% year-over-year, as inventory shortages and higher mortgage rates are dampening demand.

Under terms of the $137.8 million deal, Redfin will wind down its Redfin Mortgage business, and Bay Equity will continue to operate under its own name with current leadership.

After the Fed decided to raise rates last week, mortgage rates followed suit and edged up to 4.42%, up 26 basis points over last week and forcing more prospective buyers to the sidelines.