Mortgage rates

The 30-year average dropped for the first time in four weeks after surging more than 70 basis points earlier in the month.

For the 10th consecutive week, the brokerage’s Demand Index declined, this time by the largest share in over two years.

Recent remarks from Federal Reserve Chair Powell suggest more upward movement is ahead.

Some economists see a recession as inevitable but other markers, like the unemployment rate and consumption indicators, point to a resilient economy.

Many cities with higher shares of list price drops also appeared on a list of the most overvalued areas in the country.

If it works as intended, by calming inflation, it will help to keep mortgage rates low in the long-term.

The latest Federal Reserve move to combat inflation led to a weekly increase of more than 50 basis points.

Unlike two years ago, when the surge of refinance loans created a vast pool of free financing for the industry to use, today lenders must pay for it by the drink.

Rising interest rates eliminated any refinance incentive for 30% of the loans analyzed by Standard & Poor's, marking a turnaround from the start of the year when prepay speeds were expected to increase

While rate and term refinancings had the largest drop in volume, credit scores for cash-outs are 33 points lower than one year prior, indicating that these borrowers need financial liquidity, a Black Knight report found.