article thumbnail

Mortgage apps decline 2.3% to the lowest level since 2000

Housing Wire

Demand for mortgage loans declined to the lowest level since 2000 last week due to affordability challenges and uncertainties regarding the U.S. decline from the previous week and fell 82% from the same week in 2021 to its lowest level since November 2000, driven by a 6% drop in conventional refi applications. for the week ending Aug.

Mortgage 395
article thumbnail

Mortgage demand finally ticks up

Housing Wire

percent – the highest since December 2000. The average contract interest rate for 5/1 ARMs fell to 6.48% from 6.50% a week prior. For the week that ended Aug. 25, mortgage applications picked up 2.3% Department of Veteran Affairs loans’ share remained unchanged at 11.6%. Lastly, the U.S. a week prior.

Mortgage 409
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

As mortgage rates hit a two-decade high, mortgage applications tick down

Housing Wire

The 30-year fixed mortgage rate increased to 7.41%, the highest rate since December 2000, and the 30-year fixed jumbo mortgage rate increased to 7.34%, the highest rate in the history of the jumbo rate series dating back to 2011,” said Joel Kan, MBA ’s vice president and deputy chief economist. from 11% the week prior. Lastly, the U.S.

Mortgage 439
article thumbnail

US home sales fall to historically low level: Redfin

Housing Wire

The second occurred in October 2023 when mortgage rates peaked at their highest point since 2000. of listings had been on the market for at least 30 days without going under contract, up from 60% one year ago and 50% two years ago. year over year. Last month, 61.9% in May 2022.

Sellers 488
article thumbnail

Mortgage demand sinks for fifth consecutive week

Housing Wire

Mortgage applications fell for the fifth consecutive week as the 30-year fixed-rate mortgage rose to 7.31%, its highest level since December 2000. The average contract interest rate for 5/1 ARMs fell to 6.50% from 6.20% a week prior. For the week that ended August 18, mortgage applications fell 4.2% bond yields spike last week.

Mortgage 349
article thumbnail

Home sales will only get worse next year before rebounding in 2024

Housing Wire

As of October, more than 80% of existing borrowers had mortgages at least 200 basis points lower than the current market rates, and more than 90% had mortgages at least 100 bps lower — the largest share since at least 2000, the government-sponsored enterprise said. . Existing home sales dropped for nine consecutive months, falling 5.9%

Contracts 393
article thumbnail

Annual home-price growth cooled further in February

Housing Wire

Because most home sales take several months from contract to closing, the data likely includes some deals struck in October and November. The Case-Shiller home price indices for February is a three-month average of closing prices in December, January and February. to a reading of 297.68. The 10-city home price index also posted a 0.4%

Inventory 379