The average rate on the 30-year fixed mortgage jumped back over 7% on Thursday, rising to 7.1%, according to Mortgage News Daily.
Newsfeed: Mortgage rates jump back over 7% as inflation fears drive yields higher Read More »
After the collapse in housing starts data (and mortgage applications and homebuyer confidence and homebuilder sentiment), it should be no surprise that analysts expected existing home sales to continue their streak of declines in September.
Newsfeed: US Existing Home Sales Crash To 8 Year Lows Read More »
Mortgage applications on Wednesday became the latest sign showing how hard rates are hitting housing. And it could get worse.
Newsfeed: Housing ‘brought to its knees by the Federal Reserve,’ expert says Read More »
Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. That, and rising uncertainty in the overall housing market, caused mortgage application volume to drop 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Bank of America this week announced that it will be launching a mortgage option for first-time home buyers offering no down payments, no closing costs and no minimum credit score.
Newsfeed: Mortgage demand falls even further, as rates shoot back up to July highs Read More »
The company strived to be No. 1 and once churned out a third of all U.S. mortgages. But it’s cutting ties to outside lenders after years of regulatory struggles.
Newsfeed: Wells Fargo Cuts Back on Mortgage Lending Read More »
Amid a plunge in homebuilder confidence, record low affordability, tumbling single-family starts and permits, and multi-decade lows in mortgage applications, it is no surprise that analysts expected a 5.9% MoM plunge in new home sales in June
The pain in the mortgage market is only getting worse as higher interest rates and inflation hammer American consumers.
Through the first 24 months of the pandemic, U.S. home prices soared 38.5%. In some markets, like Phoenix and Dallas, home prices grew by more than 50%.
Stocks are veering south post holiday, following earlier optimism over reports President Joe Biden may lower tariffs on some Chinese goods to help ease the inflation sting.