Weekly mortgage refinance demand jumps as some fear end of super-low rates is near

cnbc2021-06-23

KEY POINTS The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to the highest level in a month. Still, applications to refinance a home loan rose 3%...

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Comments

Xuanlx
2021-06-24
Xuanlx
Dope
Ahyeo
2021-06-23
Ahyeo
Read. Interesting
- flyingsimon:
  Kekeke
LPN
2021-06-23
LPN
Great ariticle, would you like to share it?
- Zic:
  Ok
LPN
2021-06-23
LPN
Cool
Eddygoh
2021-06-23
Eddygoh
done
Bangaram
2021-06-23
Bangaram
Bitcoin

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That may sound counterintuitive, but it speaks to the larger picture of where mortgage rates are heading.\nApplications to refinance a home loan rose 3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 9% lower than a year earlier.\nThe data comes as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) rose to the highest level in a month. It increased to 3.18% from 3.11%, with points increasing to 0.48 from 0.36 (including the origination fee) for loans with a 20% down payment. The rate was just 12 basis points higher a year ago.\nRates jumped after Federal Reserve officials indicated last week that rate hikes could come in 2023, a year earlier than expected. However, they didn’t mention when they would start scaling back their massive bond-buying program, which has kept mortgage rates near record lows.\nRefinance demand had been falling sharply as rates rise but has improved in recent weeks. This may be because homeowners think rates are only going up, and it could be the last chance for the best deal. Rates set more than a dozen record lows last year, and refinance demand was huge. However, thousands of borrowers can still save now before rates move higher.\nMortgage applications to purchase a home increased 1% from the previous week and were 14% lower than a year ago. Buyers are hitting an affordability wall, as home prices keep rising quickly. A report onexisting home sales in Mayshowed the fourth straight month of declining home sales.\n“Falling affordability is simply squeezing some first-time buyers out of the market.,” said Lawrence Yun, chief economist for the National Association of Realtors, which issued the report Tuesday.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":128975225,"gmtCreate":1624499922267,"gmtModify":1703838479170,"author":{"id":"3575538899414489","authorId":"3575538899414489","name":"Xuanlx","avatar":"https://static.tigerbbs.com/40e89b303dfec9b3b8b7fe4fc517cff5","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"Dope","listText":"Dope","text":"Dope","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128975225","repostId":1174672721,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":121167716,"gmtCreate":1624456994235,"gmtModify":1703837298020,"author":{"id":"3587086622789535","authorId":"3587086622789535","name":"Ahyeo","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Read. 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