Mortgage rates

The letter, sent under the banner of the Black Homeownership Coalition, is the second in two months sent by the trade group in its ongoing campaign.

Following the Consumer Price Index release, the 10-year Treasury yield broke through 4%, making continued increases likely.

The decline ended a six-week streak of increases, but given the latest moves in the 10-year Treasury yield, rates are likely to soon rise again.

The rise in rates over the past six weeks pushed the borrower's monthly disbursement up $337, Redfin said.

The 30-year fixed rate is now at levels last seen in the summer of 2007, according to data from Freddie Mac.

The recent spike in interest rates has also led to elevated ARM activity, which accounted for over 10% of all applications.

These refinance transactions are being driven by the homeowner's need for cash, according to Black Knight

BayFirst Financial Corp. said it initiated the process of shuttering its out-of-state network of residential mortgage loan production offices.

Inflation and recessionary concerns affected movements in the benchmark 10-year Treasury, itself at an 11-year peak, Freddie Mac said.

Bond traders are girding for the risk that Federal Reserve Chair Jerome Powell is ready, willing and able to plunge the U.S. into recession to get the inflation bogey under control.

The only way to address inflation is for Congress to fix issues around home supply and demand, the National Housing Coalition said in reaction to the Federal Reserve's move Wednesday.

Some predict that by the middle of next year, the 30-year fixed could be priced 150 basis points lower.

Both the 30- and 15-year averages are now more than 3 percentage points higher from their levels of one year ago.

The 15-year average crossed the 5% threshold for the first time in over a decade.

Price levels "remained highly elevated," but nine districts reported some degree of moderation in their rate of increase, the report showed. The price of food, rent, utilities and hospitality services, in particular, rose substantially across all 12 Fed districts.

Higher mortgage rates have led to a sharp slowdown in cash-out refinances. Second mortgages were up nearly 50% in the first five months of the year as homeowners looked for new ways to borrow against their equity.

Comments from Federal Reserve officials in Jackson Hole last week have markets bracing for further tightening of monetary policy in the near term.

Better-than-expected economic data helped lead to the steep acceleration of the 30-year average, while the 15-year also shot up.

The decline continues the trend of seesaw movements, coming just a week after economic worries led averages to surge.

While fewer units are being sold and inventory is rising, both Remax and First American are upbeat about buyer demand remaining strong.