Mortgage rates

South and Sunbelt cities, once pandemic seller markets, now favor buyers

Over three-quarters of the Wolters Kluwer Blue Chip Economic Indicators panel said the FOMC will ease eventually, but a growing number are now expecting a hike.

Mortgage lock volume fell 5.4% in May as rates climbed, but declining pull-throughs suggest some borrowers are reconsidering loan plans amid ongoing rate volatility, Optimal Blue found.

Approximately 54% of homeowners looked to a second lien product to access their home's stored value in the first quarter due to the "lock-in effect."

The 30-year fixed rate mortgage average not only remains where it was in September, it is still nearly a half-percentage point above February's trough.

Those who looked to sell their properties during May listed at a price 2.4% lower, as they take into account current conditions instead of being overoptimistic.

Market wonderment over inflation data and a possible halt to the Iran conflict resulted in what some trackers found to be a sideways week for mortgage rates.

All-cash home purchases hit a six-year March low of 28.9%, as a buyer-friendly market reduced the need to use cash to stand out, with sellers outnumbering buyers by a record-near margin, Redfin found.

The contract rate on a 30-year mortgage rose 9 basis points to 6.65% in the week ended May 22, according to Mortgage Bankers Association data released Wednesday.

Crude oil futures dropped sharply Sunday, triggering bullish Treasury gaps. The head of correspondent business development at AD Mortgage writes about what it means for yields.

With the 10-year Treasury yield at levels not seen in 52 weeks, the 30-year fixed rate mortgage rose 15 basis points over last Thursday, Freddie Mac said.

An index of home-purchase applications fell 4.1%, the most since the week ended March 20.

Economic uncertainty and higher rates in April contributed to the first decline in applications for new homes on an annual basis since October.

Inflation and a possible Fed move impacting rates are concerns that product innovation and housing policy can help with, leaders said at an industry meeting.

Secondary market experts are split on whether the Fed's next move will be a rate decrease in 2027 or an increase, as more observers are now thinking.

The government-sponsored enterprise sees current rate levels likely to stick for longer compared to past forecasts, with the Iran War looming in the background.

While Freddie Mac's weekly data found the 30-year average inching lower, 10-year Treasurys swung in the other direction after this week's economic release.

The MBA's Market Composite Index found mortgage applications rose 1.7% on a seasonally-adjusted basis from one week prior for the period ending May 8.

Rate-and-term refinances dropped sharply in the short run but the overall number's comparison to a year ago is a different story, according to Optimal Blue.

Prices rose 0.32% last month on a seasonally adjusted basis, equal to a 3.9% annualized rate, according to ICE Mortgage Technology's mortgage monitor report.