Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Business

Weekly mortgage demand drops to three-month low as rates begin climbing again

by admin May 30, 2024
May 30, 2024
Weekly mortgage demand drops to three-month low as rates begin climbing again

After a brief pullback during much of May, mortgage rates began rising again last week. That had an immediate impact on what had been several weeks of strengthening mortgage demand.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.05% from 7.01%, with points rising to 0.63 from 0.60 (including the origination fee) for loans with a 20% down payment.

That was the first increase in four weeks, and while it might not seem like a huge move, that is an average, and rates had fallen back into the high 6% range before shooting higher in the second half of the week.

As a result, total mortgage application volume fell 5.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

“Both purchase and refinance applications fell, pushing overall activity to the lowest level since early March,” wrote Joel Kan, an MBA economist in a release. “Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year’s levels.

Refinance demand, which had been in a small recovery phase, plunged 14% for the week but was still 12% higher than the same week one year ago.

Applications for a mortgage to purchase a home fell 1% for the week and were 10% lower than the same week one year ago.

“There continues to be limited levels of existing homes for sale and many buyers are struggling to find listings in their price range that meet their needs,” Kan added.

Mortgage rates jumped sharply to start this week, rising 12 basis points just on Tuesday, according to a separate survey from Mortgage News Daily. This followed comments on the direction of interest rates from Minneapolis Federal Reserve President Neel Kashkari. He told CNBC on Tuesday that he needs to see, “Many more months of positive inflation data, I think, to give me confidence that it’s appropriate to dial back.”

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
T-Mobile to acquire most of U.S. Cellular in $4.4 billion deal
next post
Inflation pressure lingering from pandemic is keeping Fed rate cuts on pause

Related Posts

Comcast announces plan to spin off cable channels,...

November 21, 2024

Levi Strauss to sell Dockers to brand management...

May 21, 2025

Boeing says it’s progressing on safety reforms and...

April 3, 2025

Tesla, Bitcoin and Truth Social boom in election...

November 8, 2024

LongHorn up, Olive Garden down: Darden earnings hint...

June 24, 2024

Rate cuts before the year’s end could make...

July 12, 2024

Federal student loans this fall will have the highest interest...

May 15, 2024

Meet CrowdStrike, the company at the heart of...

July 20, 2024

Walmart is opening five automated distribution centers as...

July 11, 2024

Tesla recalls 1.8 million vehicles over unlatched hood...

July 31, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Clusters of Long Winning Streaks: What They’re Telling Us

      June 6, 2025
    • Three Charts Showing Proper Moving Average Alignment

      June 6, 2025
    • Biden only hand-signed one pardon during final spree, and it was his most controversial one

      June 6, 2025
    • GOP bill takes aim at Congress’ ‘no rules apply’ emergency spending

      June 6, 2025
    • White House highlights Pelosi hypocrisy after Schiff demands Trump admin financial, ethics docs

      June 6, 2025

    Categories

    • Business (969)
    • Investing (2,330)
    • Politics (2,883)
    • Stocks (1,056)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved