Mortgage rates

Uncertainty about the economy and inflation drove the increase

The agency has been using the Freddie Mac weekly rate survey, but a methodology change by the GSE is the catalyst for the revision to determine the Average Prime Offer Rate for high-cost mortgages.

Several of our best of the best share how they were able to keep their pipelines active when industry-wide volume was well below record levels the year before.

Mixed economic signals left mortgage rates flat over the past seven days, with experts suggesting the end of Federal Reserve policy hikes might be coming as well.

With few clues coming from Federal Reserve officials about their next moves, the 30-year average dropped for a fourth straight week, according to Freddie Mac's latest survey.

Lower mortgage rates during the early part of the month, along with fewer properties for sale helped to drive values higher.

Redfin's seasonally-adjusted demand measure was still down by 24% on a year-over-year basis, but it's outpacing dwindling supply, which is slowing sales.

However, the benchmark 10-year Treasury yield pushed back up 15 basis points from a week ago as the markets settle following the recent bank failures.

The year-over-year drop in January stemmed primarily from loans where a payment had not been made in at least 120 days but shorter-term arrears were higher during the same period.

The National Association of Realtors' index of contract signings to purchase previously owned homes increased 0.8% last month to 83.2.

Home prices nationally fell 0.2% from December, according to seasonally adjusted data from S&P CoreLogic Case-Shiller.

The primary cause is agency put-backs and fixing the problems is difficult in a rising rate environment.

The economic situation is more like what happened during the mid-'80s thrift crisis than the 2008 downturn, said Chief Economist Doug Duncan.

Bond market investors continue to drive down the benchmark 10-year Treasury yield, even after short-term rates were boosted 25 basis points on Wednesday.

More hikes are likely as the Board is confident its bid to quell inflation won't deepen a nascent banking crisis.

Both 30- and 15-year averages dropped for the first time in six weeks, as investors flocked to safety of 10-year Treasuries.

Home sellers are offering to pay for closing costs, mortgage rate buydowns and property repairs in order to attract buyers, Redfin found.

Product availability fell to its lowest level since January 2013 as lenders pulled back on offerings across the board, but especially in conforming loans, the Mortgage Bankers Association said.

The shift in short-term interest rate markets Monday was unlike almost anything seen for more than four decades, including even the 2008 financial crisis and the aftermath of the Sept. 11 terror attacks. 

Rates on the 30-year fixed rate mortgage rose during the month, but purchase borrowers using jumbo loans drove activity higher compared with January, Black Knight said.