- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.01% from 6.91%
- Applications to refinance a home loan jumped 10% for the week and were 4% higher than the same week one year ago.
- Applications for a mortgage to purchase a home fell 5% for the week and were 23% lower than the same week one year ago.
This aerial picture shows homes near the Chesapeake Bay in Centreville, Maryland, on March 4, 2024.
Overall mortgage demand has now moved sideways for three straight weeks, but last week saw a split between those looking to buy a home and those hoping to save money with a refinance.
Total mortgage application volume increased just 0.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index, essentially flat.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) increased to 7.01% from 6.91%, with points remaining at 0.59 (including the origination fee) for loans with a 20% down payment.
“Mortgage rates moved higher last week as several Federal Reserve officials reiterated a patient posture on rate cuts. Inflation remains stubbornly above the Fed’s target, and the broader economy continues to show resiliency. Unexpectedly strong employment data released last week further added to the upward pressure on rates,” said Joel Kan, MBA’s vice president and deputy chief economist.
Applications to refinance a home loan jumped 10% for the week and were 4% higher than the same week one year ago. Refinance demand usually drops when rates rise, but rates had fallen back slightly in the previous weeks, so some homeowners may have been waiting for them to go even lower. When rates rose last week, they may have been concerned rates would then move even higher, and therefore jumped in to get what savings they could.
Applications for a mortgage to purchase a home fell 5% for the week and were 23% lower than the same week one year ago. The spring market is well underway, and while there is slightly more inventory now than there was a year ago, it is still well below where it should be given high demand. Home prices are also showing no sign of cooling.
Investors have been waiting for the all important monthly report on consumer prices, an indicator of inflation. It is set to be released Wednesday morning, and depending on the outcome, mortgage rates could make a strong move in either direction.
News Related
-
Window opens for Zahid to ride off into the sunset – but at Anwar’s cost Sources within Umno have not ruled out strong speculation since last month about a so-called “exit plan” for Ahmad Zahid Hamidi, a move that could pave the way for his political retirement having survived more ...
See Details:
Window opens for Zahid to ride off into the sunset – but at Anwar's cost
-
Brianna Ghey died after she was found with fatal stab wounds in a park Two teenagers accused of murdering Brianna Ghey showed a “preoccupation” with “violence, torture and death”, a court has heard. The body of Brianna, 16, who was transgender, was discovered by dog walkers in a park in ...
See Details:
Murder-accused teens 'had preoccupation with torture'
-
ISLAMIC REVOLUTIONARY Guard Corps Commander-in-Cheif Major General Hossein Salami speaks at an anti-Israel protest in Tehran on Saturday. The IRGC trained Hezbollah to use human shields, say the writers. The conflict in Gaza has raised a deeply troubling issue: Reports suggest that Hamas is deliberately using civilians as shields, a ...
See Details:
A plea for Islamic voices against using human shields - opinion
-
Photo for illustration purposes only. – BERNAMA FILE PIX SHAH ALAM – The government needs to strengthen the Malaysia My Second Home (MM2H) programme, especially with the exemption of visas for Chinese and Indian citizens visiting the country starting Dec 1. Universiti Tun Abdul Razak economic expert Emeritus Professor Dr ...
See Details:
Strengthen MM2H programme, promote multiple entry visa
-
GEG element removed from anti-smoking Bill KUALA LUMPUR: The generational end-game (GEG) element has been removed from the revised Control of Smoking Products for Public Health 2023 Bill tabled for the first reading in the Dewan Rakyat on Tuesday (Nov 28). This is as the Health Ministry tries for the ...
See Details:
GEG element removed from anti-smoking Bill
-
-
-
KUALA LUMPUR (Nov 28): National carrier Malaysia Airlines Bhd has launched its year-end sale with ticket prices starting from RM79 to domestic destinations and from RM229 to international destinations, for travellers who book flights between Nov 28 and Dec 11 this year. In a statement, Malaysia Airlines said all-in one-way Economy Class ...
See Details:
Malaysia Airlines launches year-end sale
-
KUALA LUMPUR (Nov 28): National carrier Malaysia Airlines Bhd has launched its year-end sale with ticket prices starting from RM79 to domestic destinations and from RM229 to international destinations, for travellers who book flights between Nov 28 and Dec 11 this year. In a statement, Malaysia Airlines said all-in one-way Economy Class ...
See Details:
Dr M accuses govt of bribery over allocations
-
KUALA LUMPUR (Nov 28): National carrier Malaysia Airlines Bhd has launched its year-end sale with ticket prices starting from RM79 to domestic destinations and from RM229 to international destinations, for travellers who book flights between Nov 28 and Dec 11 this year. In a statement, Malaysia Airlines said all-in one-way Economy Class ...
See Details:
Malaysia to check if the Netherlands still keen to send flood experts
-
KUALA LUMPUR (Nov 28): National carrier Malaysia Airlines Bhd has launched its year-end sale with ticket prices starting from RM79 to domestic destinations and from RM229 to international destinations, for travellers who book flights between Nov 28 and Dec 11 this year. In a statement, Malaysia Airlines said all-in one-way Economy Class ...
See Details:
Appeals court to rule in Isa’s graft case on Jan 31
-
KUALA LUMPUR (Nov 28): National carrier Malaysia Airlines Bhd has launched its year-end sale with ticket prices starting from RM79 to domestic destinations and from RM229 to international destinations, for travellers who book flights between Nov 28 and Dec 11 this year. In a statement, Malaysia Airlines said all-in one-way Economy Class ...
See Details:
Elephants Trample On Axia With Family Of Three Inside
-
KUALA LUMPUR (Nov 28): National carrier Malaysia Airlines Bhd has launched its year-end sale with ticket prices starting from RM79 to domestic destinations and from RM229 to international destinations, for travellers who book flights between Nov 28 and Dec 11 this year. In a statement, Malaysia Airlines said all-in one-way Economy Class ...
See Details:
Sirul fitted with monitoring device
-
KUALA LUMPUR (Nov 28): National carrier Malaysia Airlines Bhd has launched its year-end sale with ticket prices starting from RM79 to domestic destinations and from RM229 to international destinations, for travellers who book flights between Nov 28 and Dec 11 this year. In a statement, Malaysia Airlines said all-in one-way Economy Class ...
See Details:
Nigerian airliner lands at wrong airport
OTHER NEWS
THOSE looking for fresh produce may find themselves spoilt for choice at the biggest wet market in Klang, but visitors to the place say the condition of the facilities and ...
Read more »
Olive Grove is the first-ever gated-and-guarded development in Bercham, Ipoh with 24-hour security. IPOH: YTL Land and Development Bhd announced that Phase 1 of Olive Grove is fully sold while ...
Read more »
Screenshots of a video showing a teenager pointing a knife at an elderly e-hailing driver. PETALING JAYA: Police have arrested a 13-year-old boy for holding an elderly e-hailing driver at ...
Read more »
Sprint Highway’s Semantan To KL Slip Road Fully Closed Until Dec 31 If you’re a regular user of the Sprint expressway, you’ll need to do some planning for your trips ...
Read more »
Genshin Impact Version 4.3 Leak Showcases Update to Domains New leaks reveals a quality-of-life update to Domains in Genshin Impact, making it easier for players to repeat and farm resources. ...
Read more »
CG Computers will host the Urban Republic (UR) Warehouse Clearance from 30 November to 3 December at the Atria Shopping Gallery in Petaling Jaya. During the event, visitor can get ...
Read more »
Photo for illustrative purposes only – 123RF KUALA LUMPUR – Hyperinflation has never happened in Malaysia and the government hopes it will never happen, according to the Economy Ministry. It ...
Read more »