Real Estate News

Today’s Mortgage Rates

May 6, 2024 Matthew Graham

Mortgage Rates Modestly Lower to Start The New Week

Mortgage rates did well last week, making it almost halfway back to the lower levels seen on April 9th.  Why focus on April 9th?  That was the last day before the most recent Consumer Price Index (CPI).

Why focus on CPI?  That’s the monthly economic data that matters most to rate movement these days.  It’s not the only game in town, but it caused the biggest recent jump, by far.

Last week’s combination of economic data and reassurance from the Fed was enough to get rates headed back in a friendly direction.  There was some follow-through today, but not for any news reasons. 

In fact, “reasons” for rate movement are in far more limited supply this week.  In other words, last week was good and we caught a small break today with the modest improvement in rates, but things could be more choppy and sideways for the rest of the week.

April 17, 2024 Jann Swanson

Mortgage App Volume Ticks Higher Despite Higher Rates

Mortgage interest rates rose for the second straight week, and so did the volume of mortgage applications. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, increased 3.3 percent on an adjusted basis from one week earlier and 4.0 percent before adjustment. (Continue Reading)

March 5, 2024 Matthew Graham

Housing Data Showing Positive Signs, Mortgage Apps Up 9.7%

Whether prompted by a tiny improvement in mortgage rates or the first stirrings of a spring market, mortgage activity reversed course last week. The Mortgage Bankers Association (MBA) reports that its Market Composite Index, a measure of application volume, increased 9.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12.0 percent. (Continue Reading)

February 16, 2024 Matthew Graham

Mortgage Rates Jump to New 2024 Highs After Another Report Shows Higher Inflation

At present, the Consumer Price Index (CPI) and the jobs report are the two most important considerations for interest rate momentum as far as economic reports are concerned, But it wasn’t always so.  For more than a decade leading up to 2022, (CPI) was not remotely as important because inflation ceased to be a major concern after 2010.

Since 2022, we could view the Producer Price Index (PPI) in a similar light.  Sure, it’s an inflation report, but it focuses on the more volatile wholesale side of the supply chain.  Markets continued taking cues from CPI while PPI bounced sharply higher and lower depending on the month.  (Continue reading)