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Thanksgiving week, a three-day business week for many, saw the usual sharp decline in mortgage activity although purchase applications remained seasonally strong. The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of mortgage application volume, fell 7.2 percent on a seasonally adjusted basis from one week earlier and was down 37 percent on an unadjusted basis. The Refinance Index decreased 15 percent during the week which ended November 26 and was 41 percent lower than the same week one year ago. The refinance share of mortgage activity decreased to 59.4 percent of total applications from 63.1 percent the previous week. It was the lowest share for refinancing since early April. The seasonally adjusted Purchase Index increased 5 percent week-over-week. The unadjusted
Thanksgiving week, a three-day business week for many, saw the usual sharp decline in mortgage activity although purchase applications remained seasonally strong. The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of mo... (read more)
While the profits were nowhere near 2020 levels, independent mortgage banks and mortgage subsidiaries of chartered banks reported their third quarter 2021 gains did improve on those in Quarter 2. The report from the Mortgage Bankers Association (MBA)... (read more)
Lenders are focused on December, and 2022, and along those lines the MBA’s Chief Economist Mike Fratantoni will be presenting a forecast today for next year. Of immediate concern are year-end closings: this is the day of the year when a 30-day ... (read more)
Mortgage rates were much lower at the start of business yesterday , but began rising in the afternoon as the bond market lost ground. That same momentum continued in the overnight trading session. By the time mortgage lenders were setting rates this morning, bonds had deteriorated enough for a noticeable bump toward higher rates. This was especially noticeab... (read more)
Weaker Start, Stronger Finish
Volatility has been elevated for the bond market in the past 4 weeks and especially in the past 2 weeks. Today was one of the milder days, but it was still good for a reasonably big shift from overnight levels to closing levels. During that time, yields fell from 1.50+ to 1.4... (read more)
Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc.