Requests for purchase loans were down last week by 31 percent from a year ago as rates rose to new 2023 highs and homes remained scarce in many markets, according to the MBA’s Weekly Mortgage Applications Survey. Continue reading
Thirty-year, fixed-rate loans hit 6.982 percent on Oct. 13, a new 2022 high, according to an Optimal Blue Mortgage Market index. According to an index by Mortgage News Daily, rates were at 7.15 percent. Continue reading
Rates for borrowers with lower credit scores who are making smaller down payments have already climbed past 7 percent. Continue reading
There’s no sign of a rebound in purchase applications, but August data showing a strong job market “should support housing demand,” an MBA economist says. Continue reading
Applications for government-backed purchase mortgages were up 4 percent week over week, accounting for nearly 1 in 4 loan requests from homebuyers, according to the Mortgage Bankers Association. Continue reading
First-time homebuyers who rely on government mortgage programs are “increasingly challenged” by rapid increases in home prices and higher mortgage rates. Continue reading