Per the Mortgage Bankers Association’s (MBA) survey through the week ending June 9th, total mortgage activity increased 7.2% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell five basis points to 6.77%. The FRM rate has risen 20 basis points over the past month. The Market Composite Index, a measure of…
While mortgage rates were stabilizing in the first quarter of 2023, rates on loans for Acquisition, Development & Construction (AD&C) continued to climb, according to NAHB’s quarterly Survey on AD&C Financing. From the last quarter of 2022 to the first quarter of 2023, the average effective rate (based on rate of return to the lender…
Per the Mortgage Bankers Association’s (MBA) survey through the week ending May 5th, total mortgage activity increased 6.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 6.48%. The FRM rate has risen 18 basis points over the past month. The Market Composite Index, a measure of…
The Federal Reserve’s monetary policy committee raised the federal funds target rate by 25 basis points at the conclusion of its May meeting. Although the communication from the Fed did not explicitly indicate that they are done tightening, language used in their statement signals the Fed is moving toward a more data-dependent posture, albeit one…
Per the Mortgage Bankers Association’s (MBA) survey through the week ending April 7th, total mortgage activity increased 5.3% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell ten basis points to 6.30%. The FRM rate has fallen 41 basis points over the past month. The Market Composite Index, a measure of…
According to the Federal Reserve’s latest G.19 Consumer Credit report, total consumer credit outstanding totaled $4.78 trillion in February, a decrease of $12 billion over the month but $300 billion higher than February 2022. Nonevolving credit outstanding increased $1.0 billion while the level of revolving debt—primarily credit card debt—fell $13.0 billion over the month. Revolving debt…
