Break for Homebuyers: Mortgage Rates Fall for 4th Week in a Row
Mortgage rates have fallen for the fourth week in a row, following a smaller interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgages for prime borrowers with a 20% down payment averaged 6.09% this week, down from 6.13% the previous week. This...Pending Home Sales up 2.5% in December, Mortgage Rates Down
According to data from the National Association of Realtors (NAR), pending home sales rose 2.5% month over month in December. This marks the first increase since May 2022, following six consecutive months of declines. But what’s driving this positive change in...January 2023: The Year Ahead
The Federal Reserve’s decision to increase the Federal Funds Rate from nearly 0% at the start of 2022 to 4.5% in December 2022 was made to combat inflation. However, this increase in the Fed Funds Rate resulted in long-term mortgage rates more than doubling,...Mortgage Demand Increases 28% in Single Week
Mortgage rates are at their lowest point since September, and it’s bringing new demand into the market. According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage application volume jumped nearly 28% last week compared to the...New Year, New Home: Mortgage Rates DOWN, seller concessions UP
The start of the new year has brought with it a surge in mortgage demand, as lower mortgage rates (I would say “lower,” I wouldn’t say “low”…) continue to entice homebuyers back into the market. We have seen an increase in inquiries...
Chris Mason, Loan Officer
