Smart Borrower Blog

Archive for the ‘Mortgage Rates’ Category

Lower Mortgage Rates Pushed August New Home Sales Up

Sep 25th, 2019 @ 9:43 AM by Amber Nelson

Sales of new U.S. single-family homes jumped 7.1% in August, according to the Commerce Department, bolstered by lower mortgage interest rates. Sales outpaced predictions by economists surveyed by Reuters, who had forecast they would grow by just 3.5% last month. New home sales rose to a seasonally adjusted annual rate of 713,000 in August, up […]

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Mortgage Applications Decline Again Amidst Lower Rates

Sep 4th, 2019 @ 8:23 PM by Amber Nelson

Even though long-term mortgage interest rates fell last week, demand for home mortgage loans continued to drop, according to data from the Mortgage Bankers Association. The MBA’s mortgage application volume index decreased a seasonally adjusted 3.1% in the latest week. On a yearly basis though, application demand is up 62%. The drop was led by […]

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Refinances Take Off as Mortgage Rates Tank

Aug 14th, 2019 @ 1:12 PM by Amber Nelson

In the wake of the plummeting interest rates, U.S. mortgage borrowers rushed to refinance in the latest week, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted mortgage volume index rose 21.7% this week from the week before and 81% from the year before. Most of that growth came from an explosion in refinance […]

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Fed Makes First Rate Cut in a Decade

Jul 31st, 2019 @ 9:17 PM by Amber Nelson

The Federal Reserve voted today to lower its target interest rate by 25 basis point to a range of 2% to 2.25%, the first rate cut in 11 years. The Fed’s Federal Open Market Committee (FOMC) found that “the [U.S.] labor market remains strong and that economic activity has been rising at a moderate rate,” […]

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Mortgage Applications Stall as Rates Increase

Jul 3rd, 2019 @ 10:23 PM by Amber Nelson

Long-term U.S. mortgage interest rates rose in the latest week, according to data from Freddie Mac, without having much effect on home loan application volume. The average rate on a 30-year fixed-rate mortgage rose to 3.75% with 0.6 point, up from 3.73% the week before. One year ago, the average rate was much higher at […]

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Mortgage Rates Halt Decline in Latest Week

Jun 13th, 2019 @ 1:50 PM by Amber Nelson

As investor fears about international trade lessened, long-term U.S. mortgage interest rates held steady in the latest week after falling for the previous six, according to Freddie Mac. The average rate on a 30-year fixed rate mortgage (FRM) was 3.82%, with an average 0.6 point during the week ended June 13, 2019, unchanged from the […]

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Mortgage Originations Tumble to 5-Year Lows

May 15th, 2019 @ 11:58 AM by Amber Nelson

Even though mortgage interest rates have remained near record lows, total new mortgage originations fell to a 5-year low during the first quarter of 2019, according to data from the Federal Reserve Bank of New York. Total originations dropped $60 billion from the previous quarter to $344 billion, the lowest level since the third quarter […]

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Home Purchase Requests Jump to 9-Year Record High

Apr 17th, 2019 @ 9:30 PM by Amber Nelson

Even as interest rates continued to climb, the number of applications for home purchases rose to the highest level since April 2010, according to the Mortgage Bankers Association. Total mortgage application volume decreased 3.5% during the week ended April 17, 2019, but was up 14% from the previous year. Home purchase requests rose 1% in […]

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Mortgage Applications Fall Despite Interest Rate Drop

Feb 6th, 2019 @ 10:43 AM by Amber Nelson

Mortgage application volume fell for the third consecutive week, even as interest rates took a dive, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted index saw mortgage application requests fall by 2.5% in the latest week and almost 10% from the previous year. Most of that decrease came from a 5% drop in […]

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Falling Interest Rates Spur Mortgage Application Rebound

Jan 9th, 2019 @ 1:48 PM by Amber Nelson

The number of U.S. mortgage applications soared in the latest week, according to the Mortgage Bankers Association, a result of a sharp drop in long-term interest rates. The MBA’s Market Composite Index – a measure of mortgage application volume – rose 23.5% on an unadjusted basis during the week ended Jan. 4, 2019. “Mortgage rates […]

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