US Mortgage Applications Fall for Sixth Straight Week as Mortgage Rates Surge to Highest Since 2010

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  • #35740
    Helmholtz Watson
    Participant

    The Mortgage Bankers Association showed mortgage applications in the US fell for the 6th straight week. Down 5% in the previous week as mortgage rates
    [See the full post at: US Mortgage Applications Fall for Sixth Straight Week as Mortgage Rates Surge to Highest Since 2010]

    #36181
    TradersCom
    Keymaster

    April 27 – Reuters (Lindsay Dunsmuir): “The average interest rate on the most popular U.S. home loan rose to its highest level since June 2009 last week and demand for mortgages ebbed as the impact of rising costs began to bite, Mortgage Bankers Association (MBA) data showed… The average contract rate on a 30-year fixed-rate mortgage increased to 5.37% in the week ended April 22 from 5.20% a week earlier, the MBA survey showed. It has risen 220 bps from 12 months ago…”

    #36182
    TradersCom
    Keymaster

    April 26 – Reuters (Lucia Mutikani): “Sales of new U.S. single-family homes tumbled in March as soaring mortgage rates and prices reduced affordability, but the housing market remains supported by an acute shortage of previously owned properties. New home sales plunged 8.6% to a seasonally adjusted annual rate of 763,000 units last month… February’s sales pace was revised higher to 835,000 units from the previously reported 772,000 units… The median new house price in March jumped 21.4% from a year ago to $436,700. Almost all the houses sold last month were above the $200,000 price level… There were 407,000 new homes on the market, up from 392,000 units in February. Houses under construction made up 65.5% of the inventory, with homes yet to be built accounting for about 25.8%.”

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