Mortgages
Wild swings in mortgage rates last week caused a rare surge in refinancing
An “Open House” sign at the Saratoga Homes Glendale Lakes community development in Arcola, Texas, on Tuesday, July 12, 2022. Mark Felix | Bloomberg | Getty Images After dropping at the end of July, mortgage rates moved higher on average again last week, but the daily moves were volatile. Mortgage demand was split, with gains […]
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Consumer confidence in the housing market hits the lowest point in over a decade
A sign stands outside an upscale home for sale in the Lake Pointe Subdivision of Austin, Texas. Ed Lallo | Bloomberg | Getty Images Consumer confidence in the housing market dropped to the lowest level since 2011, as both prospective buyers and sellers have become more pessimistic, according to a monthly survey released Monday by […]
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A ‘shakeout’ among mortgage lenders is coming, according to CEO of bank that left the business
A sign hangs from a branch of Banco Santander in London, U.K., on Wednesday, Feb. 3, 2010. Simon Dawson | Bloomberg via Getty Images Banks and other mortgage providers have been battered by plunging demand for loans this year, a consequence of the Federal Reserve’s interest rate hikes. Some firms will be forced to exit […]
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Home prices cooled at a record pace in June, according to housing data firm
A sign is posted in front of a home for sale on July 14, 2022 in San Francisco, California. The number of homes for sale in the U.S. increased by 2 percent in June for the first time since 2019. Justin Sullivan | Getty Images Rising mortgage rates and inflation in the wider economy caused […]
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Mortgage rates fall sharply after negative GDP report and Fed’s latest hike
Just one day after the Federal Reserve raised its benchmark rate, mortgage rates took a sharp turn lower. The average rate on the popular 30-year fixed mortgage fell to 5.22% on Thursday from 5.54% on Wednesday, when the Fed announced its latest rate hike, according to Mortgage News Daily. The rate fell even further Friday […]
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Pending home sales fell 20% in June versus a year earlier as mortgage rates soared
A “Sale Pending” sign outside a house in Discovery Bay, California, on Thursday, March 31, 2022. David Paul Morris | Bloomberg | Getty Images Signed contracts to purchase existing homes dropped 20% in June compared with the same month a year ago, the National Association of Realtors said Wednesday. That is the slowest pace since […]
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Mortgage demand declines further, even as interest rates drop a bit
A prospective home buyer is shown a home by a real estate agent in Coral Gables, Florida. Joe Raedle | Getty Images Mortgage demand edged lower for the fourth straight week, according to data released Wednesday, even though interest rates have fallen from their recent highs. Total volume was down 1.8% last week from the […]
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Homebuilders are boosting incentives as they suddenly struggle to sell homes
Contractors work on the roof of a house under construction in the Stillpointe subdivision in Sumter, South Carolina, on Tuesday, July 6, 2021. Micah Green | Bloomberg | Getty Images After two years of not being able to build homes fast enough to keep up with demand, the nation’s homebuilders are now experiencing a slowdown […]
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Home price growth slowed for the second straight month in May, S&P Case-Shiller says
New homes under construction in Tucson, Arizona. Rebecca Noble | Bloomberg | Getty Images Home prices in May were 19.7% higher compared with the same month last year, according to the S&P CoreLogic Case-Shiller National Home Price Index. This marks the second month of slower increases, as the housing market cools due to higher mortgage […]
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Mortgage demand drops to a 22-year low as higher interest rates and inflation crush homebuyers
The pain in the mortgage market is only getting worse as higher interest rates and inflation hammer American consumers. Mortgage demand fell more than 6% last week compared with the previous week, hitting the lowest level since 2000, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications for a mortgage to purchase a home […]
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