Global warming has already caused irreversible damage to the earth’s ecosystems and communities, according to a critical report just issued from the United Nations Intergovernmental Panel on Climate Change. The damage is extending to the U.S. housing market, which just saw unprecedented snow and flooding in California, as well as unusual winter tornados in the More
Real estate agents arrive at a brokers tour showing a house for sale in San Rafael, California.Getty ImagesHigher interest rates took some recent wind out of the sails in the mortgage market.After gains the previous week, total mortgage application volume fell 1.1% last week from the previous week, according to the Mortgage Bankers Association’s seasonally… More
A house for sale on December 17, 2020 in Scituate, Massachusetts.Matt Stone | MediaNews Group | Getty ImagesMortgage rates fell for the first time in nearly a month, and that lit a fire under current borrowers who may have thought they missed the boat on refinancing their loans.Applications to refinance jumped 11% last week from… More
A house for sale in Sarasota, FloridaScott Mlyn | CNBC Thanksgiving week isn’t usually a popular time for homebuying, but most economic numbers this year are incomparable, especially in the pandemic-spiked housing market. Mortgage applications to purchase a home jumped 9% last week from the previous week, according to the Mortgage Bankers Association’s seasonally and holiday adjusted… More
Patrick T. Fallon | Bloomberg | Getty ImagesMortgage rates have been sitting near record lows since the start of the coronavirus pandemic, and while millions of Americans have already refinanced their home loans this year, very few of them have taken cash out in the process.Cash-out deals made up just 27% of all mortgage refinances… More
November is not historically a strong season for homebuying, but this one, like the rest of 2020, isn’t following any rules.Homebuyer demand is surging again, after taking a slight break around the election.Mortgage applications to purchase a home rose 4% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was a… More
Another record low interest rate on the 30-year fixed mortgage last week did not help drag homebuyers out of their recent slump.Declining demand from buyers caused mortgage application volume to fall 0.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Â Mortgage applications to purchase a home fell… More
People walk into a house for sale in Floral Park, Nassau County, New York, the United States, on Sept. 6, 2020.Wang Ying | Xinhua News Agency | Getty ImagesBorrowers are clearly used to hearing that mortgage rates set another record low because last week’s dip did nothing to spur mortgage demand.The volume of applications for… More
An ‘Open House’ sign is displayed as potential home buyers arrive at a property for sale in Columbus, Ohio.Ty Wright | Bloomberg | Getty ImagesMortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers were not… More
People wait to visit a house for sale in Floral Park, Nassau County, New York.Wang Ying | Xinhua News Agency | Getty ImagesAfter a brief lull to start the month, mortgage demand surged ahead yet again — even with the highest interest rates in several weeks.Total mortgage application volume increased 6.8% last week from the… More
A real estate agent shows a home to a prospective buyer in Miami.Getty ImagesThe end of August usually marks the beginning of the slow season for housing, but as with everything else, this year’s trends are like no other.Mortgage applications to purchase a home rose 3% last week from the previous week and were a… More
After holding flat for a couple of weeks, the number of borrowers in public and private coronavirus-related mortgage bailout programs saw a much bigger improvement than expected. Most still in getting aide, however, have extended their terms, suggesting they are still unable to get current on their home loans. The number of mortgages in active forbearance… More
A sudden turnaround from record low interest rates last week caused a pullback in mortgage refinance demand.That pulled total mortgage application volume down 3.3% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) increased rather abruptly… More