Volumes

“Both fiscal and monetary policies have contributed to the much higher level of mortgage rates in 2023,” said Mike Fratantoni, Chief Economist and SVP for Research and Industry Technology for the MBA.

Freddie Mac reports the 30-year fixed-rate mortgage rose to an average of 7.57% this week, as purchase demand remains at a three-decade low.

Millennials remain a powerful force in the homebuying arena, and new research from Kristy Folino of ServiceLink offers insights into their priorities, behaviors and intentions for the coming year.

With mortgage rates averaging 40 basis points higher than one month ago, overall mortgage application volume deviated from the norm and rose slightly week-over-week, led by an increase in ARM volume.

Peter Baci and Javed Shaikh of Mphasis Digital Risk explain how leveraging specialized skills and expertise through offshoring can improve the quality of service and overall customer experience.

The MBA reports that lenders nationwide marginally increased their loan offerings to meet the changing needs of borrowers in the face of ongoing mortgage rates above the 7% mark.

“At age 30, the millennial homeownership rate is approximately six percentage points lower than that of their generational predecessors, Generation X, at the same age,” First American Economist Ksenia Potapov said.

Through an analysis of U.S. Census Bureau data, the National Rental Home Council reports a 5.3% year-over-year increase of households moving into single-family rentals.

"An uptick in homes with reduced prices is a small break for buyers on top of the usual seasonal factors that align to make this first week in October the best week to buy. Yet, the larger context remains challenging. Buyers still struggle with the triple threat of rising listing prices, record-high mortgage rates, and limited inventory, making affordability a continued concern," said Danielle Hale, Chief Economist for Realtor.com.

Mortgage rates rose 18 basis points week-over-week according to Freddie Mac, forced upward by the trajectory of the 10-year Treasury yield, shifts in inflation, and the labor market.