Volumes

After five consecutive weeks of decreases, a slight uptick in mortgage rates forced mortgage app volume to fall nearly 8% week-over-week.

"Mortgage rates declined in January, continuing a trend that began in early November 2022," said Kevin McMahon, President of Optimal Blue, a division of Black Knight.

“By Super Bowl weekend, we usually have a good idea how a given year’s housing market will play out. But this year is anything but typical,” said Redfin Economics Research Lead Chen Zhao.

What caused the uptick in fixed mortgage rates, and what might it mean for the housing market in the months ahead?

A consistent decline in mortgage rates has attracted the attention of buyers and those seeking refis, as the MBA reports a rise in mortgage apps in excess of 7% week-over-week.

A new study from Zillow has found that workers making minimum wage need three roommates or four jobs to afford the average two-bedroom rental.

“Mortgage rates declined for the fourth straight week and have now fallen almost 40 basis points over the past month,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

For the fifth consecutive month, the S&P Dow Jones Indices reported declining home prices in the U.S., as potential buyers took a bigger step back from the market.

A new report from North American Moving Company examines median prices, tax rates, and other factors to determine 2023’s most affordable regions.

Freddie Mac reports the fixed-rate mortgage has fallen to its lowest level since mid-September, as buyers begin to return to the market ahead of the spring homebuying season.