Homebuyer demand for mortgages surged 12% following a drop in interest rates, with total mortgage applications rising 6.3% week-over-week. The average rate for 30-year fixed mortgages fell to 6.86%, while purchase applications were up 52% compared to last year, reflecting pent-up demand amid improved housing supply. Refinance applications dipped 3% but remained significantly higher than a year ago, influenced by a decrease in FHA and VA refinances.
Home sales rose 3.4% in October, reaching an annualized rate of 3.96 million units, marking the first annual increase in over three years. This surge followed a drop in mortgage rates, although current rates have climbed to 7.05%. Inventory increased by 19.1% year-over-year, but tight supply continues to pressure prices, with the median home price at $407,200, up 4% from last year.
Mortgage demand increased by 1.7% last week, despite rising interest rates, with the average rate for 30-year fixed mortgages reaching 6.90%. Purchase applications rose 2%, driven by conventional and FHA loans, while refinancing applications surged 2% and were 43% higher than last year, largely due to a 10% increase in VA applications. Mortgage rates showed slight fluctuations this week, influenced by geopolitical events and investor behavior.
Mortgage demand has stalled as rates hit their highest since July, with a slight overall application volume increase of 0.5%. The average rate for 30-year fixed mortgages rose to 6.86%, influenced by higher Treasury yields amid uncertainties surrounding the Trump presidency. While refinancing applications fell 2%, purchase mortgage applications increased by 2%, supported by FHA and VA loans.
Pending home sales surged 7.4% in September, the highest since March, driven by lower mortgage rates in late summer and increased inventory. However, with rates now exceeding 7%, affordability is strained, and experts predict this uptick may be short-lived, impacting 2024 sales.
Mortgage demand has stalled as interest rates surged, with the average rate for 30-year fixed mortgages rising to 6.73%. Refinancing applications dropped 6% for the week, while purchase mortgage applications increased by 5%, reflecting heightened buyer interest amid a growing supply of homes. Volatility is expected to remain high leading up to key economic events, including the upcoming election.
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