MORTGAGE MIX: RATES SHOW MODERATE RISE WHILE APPLICATIONS PULL BACK

 February 16, 2024

  • According to the Primary Mortgage Market Survey® from Freddie Mac, last updated Thursday, February 15, 2024, the 30-year mortgage rate sits at 6.77%. The 15-year mortgage rate currently stands at 6.12%.
  • As noted by Mortgage Bankers Association (MBA) Vice President and Deputy Chief Economist Joel Kan, these mortgage rates are the highest since December 2023.
  • The latest weekly MBA survey, released Wednesday, February 14, 2023, found that mortgage applications decreased by 2.3% week-over-week.
  • “Purchase applications remained subdued as elevated rates continue to add to affordability challenges along with still-low existing housing inventory. Refinance applications declined and remained depressed, with rates still higher than a year ago,” said Kan.
  • “The economy has been performing well so far this year, and rates may stay higher for longer, potentially slowing the spring home-buying season,” said Freddie Mac Chief Economist Sam Khater. 
  • After a recent market confidence boost from brokers and optimism by the Federal Reserve that rate cuts would be coming, these higher mortgage rates are a sobering development. 

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