The average rate on a 30-year mortgage is 6.25%. However, refinancing and purchases have surged over the past week, the Mortgage Bankers Association said.
The numbers: Homebuyers are fed up with the economic turnaround, and with the prospect of further rate hikes, they are gradually starting to buy new homes and refinance their mortgages.
Despite rates above 6%, buyer demand has rebounded slightly, as reflected in a market composite index of mortgage applications, the Mortgage Bankers Association (MBA) said Wednesday.
The market index rose 3.8% to 264.7 in the week ended September 16. A year ago, the index was 742.7.
The Big Picture: Mortgage rates are now at their highest level since October 2008. But the prospect of even higher interest and payments could spur potential buyers and homeowners into action.
Higher mortgage rates are likely to last through the end of the year as the Federal Reserve battles the worst US inflation in 40 years.
This way, buyers may be looking to buy now rather than a couple of months from now when rates and home prices could rise even more.
“The weekly gain in filings, despite stronger numbers, highlights overall volatility right now, as well as the previous week’s Labor Day-adjusted results,” said Joel Kahn, associate vice president of economic and industry forecasting at the MBA. statement.
Key details: The refinancing index rose by 10%, but still fell by 83% compared to last year.
The Buying Index, which measures mortgage applications to buy a home, was up 1% from the previous week.
The median contract rate on a 30-year mortgage for homes sold for $647,200 or less was 6.25% for the week ended Sept. 16. That’s up from 6.01%% a week earlier, according to the MBA.
For homes sold for more than $647,200, the 30-year average was 5.79%. The 15-year-old rose to 5.56%.
The rate on mortgages with adjustable interest rates, which account for 9.1% of the total number of applications, rose to 5.14%.
Market reaction: The 10-year Treasury yield fell below 3.6% in early morning trading.
Any thoughts on the housing market? Email MarketWatch correspondent Aarti Swaminathan at [email protected]
(END) Dow Jones News Feeds
09/22/22 11:09 PM
Copyright (c) 2022 Dow Jones & Company, Inc.
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