By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Finance > Mortgage rates fall for third week in a row
Finance

Mortgage rates fall for third week in a row

News Room
Last updated: 2023/06/21 at 8:45 AM
By News Room
Share
3 Min Read
SHARE

The numbers: Mortgage rates dipped for the third week in a row, but a low number of homes for sale have curbed home-buying demand.

The 30-year mortgage was averaging at 6.73% in mid-June, which pushed overall mortgage applications up 0.5%.

Demand for both purchases rose while interest in refinancing fell. Overall, that pushed the market composite index — a measure of mortgage application volume — up, the Mortgage Bankers Association (MBA) said Wednesday. 

The market index rose 0.5% to 209.8 for the week ending June 16 from a week earlier. A year ago, the index stood at 320.4.

Key details: Homeowners didn’t see the current environment as a good time to refinance. The refinance index fell 2.1%.

Meanwhile, falling rates drew home buyers in. The purchase index — which measures mortgage applications for the purchase of a home — rose 1.5% from the previous week.

The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 6.81% for the week ending June 2. That’s down from 6.91% the week before, the MBA said. 

The rate for jumbo loans, or the 30-year mortgage for homes sold for over $726,200, was 6.73%, down from 6.77% the previous week.

The 15-year rose to 6.26%, from 6.25% previously.

The rate for adjustable-rate mortgages rose to 6.09% from the previous week’s 5.9%.

The big picture: Interest in purchasing a home is strong, but buyers are hampered by a lack of options. There is also little incentive to refinance, since the vast majority of homeowners — around 92% of homeowners with an outstanding mortgage — have a rate below 6%, according to real-estate brokerage Redfin
RDFN,
-1.94%.

Consequently, the housing market is standing still until either home-buying demand drops off or housing supply improves. 

What the MBA said: “First-time homebuyers account for a large share of FHA purchase loans, and this increase is a sign that while buyer interest is there, activity continues to be constrained by low levels of affordable inventory,” Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association, said in a statement.

He added that the mortgage rate for jumbo loans rose, due to tighter liquidity conditions that have pushed jumbo lenders to pull back.

Market reaction: The yield on the 10-year Treasury note
TMUBMUSD10Y,
3.756%
was above 3.7% in early morning trading Wednesday.

Read the full article here

News Room June 21, 2023 June 21, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Private equity abandons early recruiting after Jamie Dimon fightback

Stay informed with free updatesSimply sign up to the Private equity myFT…

EU pushes to fill Ukraine’s $19bn budget gap next year

Stay informed with free updatesSimply sign up to the War in Ukraine…

UBS grants ‘goodwill payments’ to clients hit by Trump trading losses

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

The markets just don’t believe Trump on tariffs

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

China’s weaponisation of rare earths is a new kind of trade war

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

Finance

4 Ways To Avoid Fake Shipping Fee Swindles

By News Room
Finance

Dell Supports Endeavor Miami’s Quest To Empower Black Founders

By News Room
Finance

The World’s 10 Most Expensive Cities To Live

By News Room
Finance

Biden Sends Student Loan Forgiveness Emails To 800,000 Borrowers

By News Room
Finance

New Student Loan Forgiveness Application For Those With Medical Issues

By News Room
Finance

Who Really Owns Nursing Homes, And How The Feds Are About To Learn More

By News Room
Finance

Gone Are America’s Cushiest Federal Prisons

By News Room
Finance

Can You Still Get Insurance After A Cancer Diagnosis?

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?