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Mortgage rates continue a downward trend in the twilight of 2023

Housing Wire

As we prepare to bid adieu to 2023, mortgage rates this week again stayed below seven percent. The 30-year fixed-rate mortgage averaged 6.61% as of Dec. 28, a slight decrease from the 6.67% rate recorded on Dec. 21 according to Freddie Mac ‘s Primary Mortgage Market Survey released on Thursday.

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Optimism spreads across the mortgage industry at the start of 2023

Housing Wire

Mortgage industry watchers have started 2023 with optimism regarding the possibility of mortgage rates returning to the 5% range this year – but not without a dose of volatility on the way. MBA’s latest forecast is for the 30-year rate to reach 5.2% The same rate was 3.45% one year ago at this time.

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The housing industry is on a mortgage rate roller coaster

Housing Wire

The mortgage industry has been on a roller coaster ride this year due to a resilient economy. In the span of a month, mortgage rates shot up near 7% after dropping to the low 6%-levels. “The Following the climb in the 10-year Treasury yield, the Freddie Mac fixed rate for a 30-year loan also continued to rise.

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Mortgage rates blow past industry predictions

Housing Wire

Some mortgage rate indices topped 4% on Thursday, blowing past predictions that rates might reach those levels by the end of 2022. Economists had predicted rates would rise as the overall economy stabilized. Other indices put mortgage rates even higher. Randy Howell, president of Mortgage Power Inc.

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Fewer people are submitting mortgage applications

Housing Wire

Mortgage applications dropped for the second straight week , this time down 4% for the week ending May 28, 2021, according the Mortgage Bankers Association ‘s weekly mortgage applications survey. This week’s data was compared to mortgage applications from the week of Memorial Day in 2020. the previous week.

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A sub-7% mortgage rate brings holiday cheer

Housing Wire

The holidays have come early for the mortgage industry. Mortgage rates fell below the 7% threshold this week as markets prepared for Federal Reserve Chairman Jerome Powell’s announcement on Wednesday. The 30-year, fixed mortgage rate averaged 6.95% for the week ending Dec. on Thursday.

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Mortgage applications jump 16%

Housing Wire

After several consecutive weeks of drops, mortgage applications jumped 16% for the week ending July 9, 2021, according to the latest report from the Mortgage Bankers Association. The refinance share of activity of total mortgage applications increased to 64.1% The FHA share of total mortgage applications decreased to 9.5%