According to Freddie Mac, the average 30-year fixed-rate mortgage increased by 7 basis points (bps) in May 2024, reaching 7.06%, up from 6.99% the previous month. This represents a 64 bps increase from the previous year, when it stood at 6.34%. The 15-year fixed-rate mortgage also saw an increase, rising 8 bps from April 2024,…
The Market Composite Index, a measure of mortgage loan application volume by Mortgage Bankers Association’s (MBA) weekly survey, has been hovering around 200 since October 2022 as higher mortgage rates and low resale inventory continue to hamper potential buyers. On a week-over-week change, total mortgage, purchasing, and refinancing activities decreased 5.2%, 4.4% and 6.8%, respectively,…
Mortgage rates have increased on a monthly basis, according to data from Freddie Mac. As of end of April 2024, the 30-year FRM – Commitment rate, increased by 17 basis points (bps) to 6.99 percent from 6.82 percent in March. This was a 35 bps increase from the beginning of the year (6.64 percent), and…
