http://www.mortgagenewsdaily.com/news MND NewsWire : Housing and Economic News https://www.mortgagenewsdaily.com/news/08072026-mortgage-applications-mba Fri, 07 Aug 2026 19:22:00 GMT 6a763286f83661b070f25863 Matthew Graham Mortgage application activity declined for a second consecutive week as higher borrowing costs continued to weigh on both purchase and refinance demand. The Mortgage Bankers Association (MBA) reported a 2.9% decrease in total application volume on a seasonally adjusted basis for the week ending July 31. Purchase applications decreased 4% from the previous week on a seasonally adjusted basis and were 3% lower than the same week one year ago. Elevated mortgage rates continue to challenge affordability, dampening buyer demand despite improved housing inventory in some markets. Refinance activity also softened, with the Refinance Index falling 2% from the prior week and remaining 9% below year-ago levels. As rates moved higher, fewer homeowners had an incentive to refinance. "In the wake of the July FOMC meeting, longer-term rates increased, pushing the 30-year fixed mortgage rate to 6.81 percent, its highest level in more than a year,” said Mike Fratantoni, MBA’s SVP and Chief Economist. Next week's data will likely bounce back higher given that rates have dropped noticeably so far in August. Per MND's daily rate tracking, 30yr fixed rates hit 2 week lows on Wednesday and moved even lower on Friday. Mortgage Rate Summary: 30yr Fixed: 6.81% (from 6.76%) | Points: 0.65 (from 0.69) 15yr Fixed: 6.13% (from 6.15%) | Points: 0.73 (from 0.84) Jumbo 30yr: 6.72% (from 6.70%) | Points: 0.52 (unchanged) FHA: 6.43% (from 6.41%) | Points: 0.75 (from 0.88) 5/1 ARM: 6.03% (from 5.98%) | Points: 0.99 (from 1.23) Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07312026-case-shiller-fhfa-home-prices-prices-apprecia Fri, 31 Jul 2026 16:41:00 GMT 6a6cd5cdcd4f58888b58e6e5 Matthew Graham Home price appreciation remained modest in May, according to data from both FHFA and the S&P Cotality Case-Shiller Home Price Indices . Although both reports showed annual price growth improving slightly from April, appreciation continued to trail inflation, underscoring a housing market where elevated mortgage rates, affordability pressures, and uneven regional performance continue to limit broader price gains. FHFA reported that U.S. house prices increased 0.3% on a seasonally adjusted basis in May, reversing April's 0.1% decline. On an annual basis, home prices were 2.2% higher than a year earlier, up slightly from the 2.0% pace reported in April. While the monthly rebound suggests prices remain resilient, annual appreciation continues to run well below the rapid gains seen during the post-pandemic housing boom. Regional performance remained highly uneven. Among the nine census divisions, seasonally adjusted monthly price changes ranged from a 1.4% increase in the East South Central division to a 0.6% decline in the Pacific division. Looking over the past year, the Middle Atlantic division led the nation with 4.5% appreciation, while the Pacific division was the only region to post an annual decline at 0.3% , highlighting the widening gap between stronger Northeastern markets and softer conditions across much of the West. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07312026-mortgage-applications-mba Fri, 31 Jul 2026 16:33:00 GMT 6a6cd011cd4f58888b58e6e2 Matthew Graham Mortgage application activity pulled back last week as higher borrowing costs weighed on both home purchase and refinance demand. The Mortgage Bankers Association (MBA) reported a 6.4% decrease in total application volume on a seasonally adjusted basis for the week ending July 24. Purchase applications decreased 4% from the previous week on a seasonally adjusted basis but remained 3% higher than the same week one year ago. While housing inventory has improved in some markets, elevated mortgage rates continue to challenge affordability for many prospective buyers. Refinance activity weakened more sharply, with the Refinance Index falling 10% from the prior week and dropping 2% below year-ago levels. The decline suggests that fewer homeowners have an incentive to refinance as rates continue to climb. “Following last week’s spike in oil prices, mortgage rates moved higher, with the 30-year fixed rate increasing to 6.76 percent, the highest rate since August 2025,” said Joel Kan, CMB, MBA’s Vice President and Deputy Chief Economist. “This upward trajectory in rates continues to significantly impact refinance borrowers, with a 10 percent decline in refinance applications, including a steeper drop in government refinances. Despite housing inventory increasing in certain markets, higher rates have added to ongoing affordability challenges for many homebuyers, which drove the decrease in purchase activity over the week.” Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07242026-new-home-sales Fri, 24 Jul 2026 17:17:00 GMT 6a639f894d48939ea22b6021 Matthew Graham New home sales rebounded modestly in June, recovering some of the previous month's decline, though activity remained below year-ago levels as elevated mortgage rates and affordability challenges continued to weigh on demand. According to the latest Census Bureau and HUD data, sales of new single-family homes rose to a seasonally adjusted annual rate of 628,000 , up 1.6% from May but 5.6% lower than one year earlier. In the bigger picture, this sector has been broadly flat ever since the post-covid volatility died down in early 2023. Inventory edged slightly lower during the month. The number of new homes for sale slipped to 485,000 , down 0.2% from May and 3.2% below June 2025 levels. At the current sales pace, that translated to a 9.3-month supply, down from 9.4 months in May but up from 9.0 months a year earlier. Home prices declined in June. The median sales price fell to $398,300 , down 3.3% from May and 2.7% below its level a year ago. The average sales price also moved lower, dropping to $475,400 , a 9.5% monthly decline and 6.5% below June 2025. As a reminder, home price declines in this data set are not necessarily apples to apples as they can be driven by builders building smaller homes among other variables. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07242026-mortgage-applications-mba Fri, 24 Jul 2026 17:04:00 GMT 6a639d904d48939ea22b601f Matthew Graham Mortgage application activity rebounded last week as stronger home purchase demand offset a modest decline in refinancing, even with borrowing costs climbing to their highest level since last August. The Mortgage Bankers Association (MBA) reported a 1.9% increase in total application volume on a seasonally adjusted basis for the week ending July 17. Purchase applications increased 6% from the previous week on a seasonally adjusted basis and were 0.2% higher than the same week one year ago. The gain suggests that improving housing inventory continues to support buyer activity despite elevated mortgage rates. Refinance activity moved lower, with the Refinance Index declining 2% from the prior week. Even so, refinance applications remained 7% above year-ago levels, indicating that refinancing demand continues to hold up better than it did a year ago. “Mortgage rates reached another high point last week, with the 30-year conforming rate now at 6.69 percent, its highest level since last August,” said Mike Fratantoni, MBA’s SVP and Chief Economist. “However, purchase volume increased modestly for the week. Growing home inventory in many markets is supporting more purchase activity. Incoming data showed that inflation dropped in June, but with oil prices spiking again, that improvement seems unlikely to continue in July data, and mortgage rates are likely to remain higher as a result.” Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07172026-housing-starts-building-permits-new-residenti Fri, 17 Jul 2026 17:59:00 GMT 6a5a7009f27dbf5c826ed045 Matthew Graham Residential construction rebounded in June as housing starts and completions recovered from May's unusually weak levels, though building permits continued to trend lower. The latest Census Bureau data suggests that while builders remain cautious about future projects, construction activity itself regained momentum after last month's sharp pullback. Privately owned housing starts jumped 19.0% to a seasonally adjusted annual rate of 1.427 million , reversing much of May's decline and coming in 3.5% above the June 2025 pace. The headline increase was driven almost entirely by multifamily construction, with starts for buildings containing five units or more surging to 513k . Meanwhile, single-family starts were essentially unchanged, slipping just 0.2% to 895k . Building permits, which provide a look at future construction activity, moved in the opposite direction. Total permits declined 3.0% to an annual rate of 1.367 million , down 2.3% from a year earlier. Single-family authorizations fell 2.4% to 871k , while multifamily permits were issued at a rate of 445k . The sharp rebound in total housing starts also reinforces the notion that May's exceptionally weak reading was largely the result of unusually volatile multifamily data rather than a broad deterioration in residential construction. Single-family activity remained remarkably steady over the two-month period, while multifamily starts swung from one of their weakest readings in years to one of their strongest. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07172026-pending-home-sales Fri, 17 Jul 2026 17:51:00 GMT 6a5a6d39f27dbf5c826ed043 Matthew Graham Pending home sales declined in June as elevated mortgage rates and record-high home prices continued to weigh on buyer demand. The National Association of Realtors' Pending Home Sales Index (PHSI), which tracks signed contracts on existing homes, fell 5.4% from May and was down 0.3% compared with a year earlier. The latest report suggests affordability remains a significant hurdle for prospective buyers. While employment gains continue to support household finances, higher borrowing costs and elevated home prices have kept many buyers, particularly first-time purchasers, on the sidelines. “The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers,” said NAR Chief Economist Lawrence Yun. He added that continued job growth could help support housing demand, while noting that pending sales should be viewed as an indicator of future closings rather than a direct measure of completed transactions due to contract contingencies and fallout rates. Contract activity weakened across every major region during the month. The Northeast posted the smallest monthly decline at 3.0% , while the Midwest recorded the largest drop at 8.9% . The South fell 4.1% and the West declined 4.7% . Compared with a year earlier, pending sales increased 2.2% in the Northeast and 0.3% in the Midwest, while the South and West posted declines of 0.9% and 1.1% , respectively. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07172026-builder-confidence-nahb-hmi Fri, 17 Jul 2026 17:40:00 GMT 6a5a6afdf27dbf5c826ed041 Matthew Graham Builder sentiment weakened further in July as affordability challenges and ongoing economic uncertainty continued to weigh on the market for new single-family homes. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) slipped two points to 34 , marking the 15th consecutive month the index has remained below 40--the longest such stretch since 2012. The latest reading reflects persistent headwinds for the industry, with elevated mortgage rates, rising material costs, expensive land and ongoing labor shortages continuing to limit both builder confidence and buyer demand. All three major components of the index moved lower in July. Current sales conditions declined one point to 37 , while sales expectations over the next six months fell two points to 43 . Traffic of prospective buyers also dropped two points to 23 , indicating many prospective purchasers remain on the sidelines. “Many potential buyers remain on the sidelines as they wait for lower mortgage rates, more certainty on inflation and a clearer economic outlook,” said NAHB Chairman Bill Owens. He added that the recently enacted 21st Century ROAD to Housing Act includes provisions intended to address land-use, zoning, regulatory and financing challenges, though those reforms will take time to produce results. NAHB Chief Economist Robert Dietz said affordability remains the industry's biggest obstacle, citing elevated mortgage rates, costly land, rising material prices and persistent skilled labor shortages. While he called the new housing legislation a positive step toward expanding supply and lowering housing costs, he noted that additional policy changes at the state and local levels will be needed to meaningfully improve conditions. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07172026-mortgage-applications-mba Fri, 17 Jul 2026 17:31:00 GMT 6a5a687cf27dbf5c826ed03f Matthew Graham Mortgage application volume declined again last week as higher borrowing costs weighed on home purchase demand. The Mortgage Bankers Association (MBA) reported a 2.7% decrease in total application volume on a seasonally adjusted basis for the week ending July 10, even as refinance activity posted a modest rebound. Purchase applications fell 7% from the previous week on a seasonally adjusted basis and were 2% lower than the same week one year ago, marking a pullback after purchase demand had outpaced year-ago levels in recent weeks. Refinance activity moved in the opposite direction, with the Refinance Index increasing 4% from the prior week. Despite mortgage rates climbing higher, refinance applications remained 7% above year-ago levels, supported by stronger FHA and VA refinance activity. “Mortgage applications declined as the 30-year fixed rate increased to 6.65 percent, the highest level since August 2025. Purchase applications were down over the week and dipped below last year’s pace in the week following the July 4th holiday,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “Despite higher mortgage rates, refinance applications increased, led by FHA and VA refinance applications rising 9 and 10 percent, respectively.” The refinance share of mortgage activity increased to 43.2% from 40.6%, while the adjustable-rate mortgage (ARM) share declined to 7.1% from 7.8%. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news https://www.mortgagenewsdaily.com/news/07102026-existing-home-sales-nar-inventory-prices-appr Fri, 10 Jul 2026 18:25:00 GMT 6a5139baa14e33217bd03a13 Matthew Graham Existing-home sales eased in June after reaching a six-month high in May, as modest changes in mortgage rates continued to influence buyer activity. According to the National Association of REALTORS®, sales fell 2.4% from May to a seasonally adjusted annual rate of 4.09 million , though they remained 2.8% above their level from a year earlier. “The back-and-forth in monthly home sales activity, driven by mild fluctuations in mortgage rates, shows how sensitive home buyers are to affordability conditions,” said NAR Chief Economist Lawrence Yun. He added that continued job growth should help support housing demand despite ongoing affordability challenges. Housing inventory changed little during the month, suggesting that supply gains may be losing momentum. Total inventory slipped to 1.56 million units , down 0.6% from May but 1.3% higher than a year ago. At the current sales pace, unsold inventory represented a 4.6-month supply , up slightly from May and unchanged from one year earlier. Home prices continued to climb despite softer sales activity. The median existing-home price rose to a new record of $440,600 , up 1.8% from June 2025 and marking the 36th consecutive month of annual price appreciation. Affordability improved compared with a year ago, as wage growth continued to outpace home-price gains. The Housing Affordability Index increased to 102.3 , up from 95.5 a year earlier. Yun cautioned, however, that slowing inventory growth could eventually put renewed upward pressure on home prices if additional supply fails to reach the market. Mortgage News Daily 0 http://www.mortgagenewsdaily.com/rss/news