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US mortgage rates rise for the SEVENTH week to 6.75% - the highest in 16 years

Mortgage rates hit 6.75 percent last week, the highest level since 2006. The mortgage rate spikes have resulted in applications to buy or refinance homes to drop by 14 percent last week. ....

New York , United States , Central Park West , Joel Kan , Jason Aleem , Miller Samuel , Jonathan Miller , Douglas Elliman , Federal Reserve , Mortgage Bankers Association , Industry Forecasting , Fifth Avenues , York City ,

Application Volume Plunges to 25 Year Low

There were two storms brewing last week and each contributed to driving mortgage applications to generational lows. The Mortgage Bankers Association (MBA) said the continuing rise in interest rates and the devastating hurricane that hit Florida and the Carolina’s contributed to a double-digit decline in its indices that measure mortgage application volume. The Market Composite Index for the week ended September 30 was down 14.2 percent on a seasonally adjusted basis from one week earlier and 14 percent before adjustment. The Refinance Index fell 18 percent from the previous week and was 86 percent lower than the same week one year ago. The refinance share of mortgage activity dipped to 29.0 percent from 30.2 percent the previous week. The Purchase Index dropped by 13 percent week-over-week on both an adjusted and an unadjusted basis. It was down 37 percent from the same week in 2021. MBA’s Associate Vice President of Economic and Industry Forecasting, Joel Kan said, &# ....

United States , Joel Kan , Weekly Mortgage Application , Mortgage Bankers Association , Market Composite Index , Refinance Index , Purchase Index , Vice President , Industry Forecasting , Hurricane Ian ,

Mortgage Applications Decline, Refi Volume Hits 22-Year Low

Average mortgage interest rates increased significantly during the week ended September 23. As a result, the Mortgage Bankers Association (MBA) said the volume of mortgage applications gave back most of its prior week gains when it had increased for the first time in six weeks. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier and was 4 percent lower on an unadjusted basis. The Refinance Index dropped back by 11 percent week-over-week and was 84 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 30.2 percent from 32.5 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index decreased 0.4 percent from one week earlier and was 1 percent lower before adjustment. Applications were down 29 percent compared to the same week in 2021. [purchaseappschart] “Applications for both purchase and refinances decl ....

Joel Kan , Weekly Mortgage Applications , Federal Reserve , Mortgage Bankers Association , Market Composite Index , Refinance Index , Purchase Index , Vice President , Industry Forecasting ,

The Mortgage Mix: Rates Keep Climbing and Forecasts Need Revising

Mortgage rates continue to rise after another interest rate hike, leaving forecasters to rethink their outlook for the housing market. ....

United States , Freddie Mac , Joel Kan , Jerry Maguire , Roger Scott Dyer , Sam Khater , Dominic Ahiga , National Mortgage News , Consumer Financial Protection Bureau , Mortgage Bankers Association , Fannie Mae , California Department Of Financial Protection , Mortgage Mix , Vice President , Industry Forecasting , Federal Trade Commission , California Department , Financial Protection , Mortgage News ,

Powell Says No 'Painless' Way to Tame Inflation, Vows to Crush Demand, Dent Job Market

Federal Reserve Chair Jerome Powell sent a stark message to markets following the decision to hike rates by another 75 basis points, with the central bank chief telling reporters that there's no "painless" way to bring down inflation and warning there could be more than just a "relatively modest" rise in unemployment as the Fed tightens monetary settings aggressively. ....

United States , Jerome Powell , Joel Kan , Roy Peter Clark , Gregory Daco , Tom Ozimek , Lawrence Yun , Nouriel Roubini , University Of Michigan Consumer Sentiment Index , Market Committee , Federal Reserve , Ernst Young , Mission Impossible For Soft Landing , National Association Of Realtors , Mortgage Bankers Association , Federal Reserve Chair Jerome Powell , Federal Open Market Committee , Fed Funds , Rapid Step To Quell , National Association , Economist Lawrence Yun , Vice President , Industry Forecasting , Zillow Home Value , Atlanta Fed , Consumer Sentiment Index ,