By Jeff Cox, CNBC U.S. homebuilding unexpectedly rose in March, but starts for single-family housing tumbled amid rising mortgage rates. Housing starts increased 0.3% to a seasonally adjusted annual rate of 1.793 million units last month, the Commerce Department said on Tuesday. Data for February was revised higher to a
By Diana Olick, CNBC The average rate on the popular 30-year fixed mortgage hit 4.72% on Tuesday, moving 26 basis points higher since just Friday, according to Mortgage News Daily. As a result of the recent spike in rates, economists are now lowering their home sales forecasts for this year.
By Diana Olick, CNBC Homebuyers are facing one of the priciest housing markets in history, and that means they need larger mortgages than ever before. While mortgage demand is falling, due to rising interest rates, the size of the average purchase loan application just set a record. Mortgage applications to
By Diana Olick, CNBC After a Labor Day week lull, demand for mortgages rose sharply last week from homeowners and homebuyers. Total mortgage application volume was up nearly 5% for the week, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage interest rates, however, didn’t move, and haven’t for
By Dian Olick, CNBC Record high home price appreciation is sidelining ever more buyers and finally taking the bang out of the pandemic-induced housing boom. Weekly mortgage demand is falling along with it, down 6.9% for the week according to the Mortgage Bankers Association’s seasonally adjusted index. That is the
By Chris Arnold, OPB Homeowners who’ve lost their jobs or income say their lenders are demanding punishing terms if they take part in what’s supposed to be a government effort to help them. To avoid a wave of home loan defaults, Congress and regulators told lenders that they have to let
By Diana Olick, CNBC Mortgage rates fell for the first time in nearly a month, and that lit a fire under current borrowers who may have thought they missed the boat on refinancing their loans. Applications to refinance jumped 11% last week from the previous week, according to the Mortgage
By Diana Olick, CNBC Sharp gains in home prices and a slight rise in interest rates combined to weaken demand for mortgages last week. Total mortgage application volume fell 4.1% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Homebuyers are seeing prices rise at the
By Diana Olick, CNBC After setting more than a dozen record lows last year, mortgage rates began 2021 on an upward climb, and that lit a fire under borrowers, fearing they might miss the last of the lowest rates. Mortgage applications to refinance a home loan spiked 20% last week
By Tim Glaze, Housing Wire As the coronavirus began sweeping through the U.S. in March, many states issued shut-down orders for businesses, putting as many as 40 million people out of work by May. On March 27, Congress passed the CARES Act to offer economic relief to those affected by the shut-downs, expanding unemployment
