American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

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

by admin May 31, 2024
May 31, 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
Walgreens announces price cuts on 1,300 items amid ongoing consumer spending fatigue

Related Posts

Indian markets open: Sensex reclaims 80K, Nifty nears...

April 23, 2025

Getty Images stock price has crashed: will it...

March 16, 2025

Warby Parker: Is it a better stock than...

October 12, 2024

Chugging toward the finish line

December 17, 2024

Chrysler recalling 338,000 Jeep Grand Cherokees over potentially...

March 2, 2024

Asian stocks rebound after Trump’s tariff pause: Nikkei,...

February 4, 2025

PepeX vs Dogecoin: Why PepeX is a better...

April 19, 2025

Asian markets close higher: Kospi ends 0.7% up,...

July 21, 2025

PepsiCo nearing $1 billion acquisition deal for Siete...

October 1, 2024

Chick-fil-A announces shift from ‘no antibiotics’ in chicken...

March 28, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


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

    Latest News

    • Europe bulletin: Manchester synagogue attack aftermath, stocks close higher

      October 5, 2025
    • Evening digest: Trump sets deadline for Hamas, Canada’s slowdown, BTC rebounds

      October 5, 2025
    • Iran executes six people for alleged links to Israel, state media reports

      October 5, 2025
    • US digest: Trump’s Hamas ultimatum, government shutdown stalemate continues

      October 5, 2025
    • Japanese stocks may extend record run as Takaichi win revives ‘Abenomics’

      October 5, 2025

    Categories

    • Business (4,191)
    • Investing (2,958)
    • Latest News (2,080)
    • Politics (1,536)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.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 americaninvesthub.com | All Rights Reserved