The benchmark 30-year fixed-rate mortgage fell to 7.32% for the week ending Oct. 22, according to Freddie Mac’s Primary Mortgage Market Survey. The bump concludes seven-week run of consecutive gains and a reduction from the 7.40% three-year high set last week week. A year ago, the same rate averaged 6.19%.
The 15-year fixed-rate mortgage also declined, to 6.68% from 6.71% last week, compared with 5.44% one year ago.
Bank servicers lead mortgage-focused servicers in overall consumer satisfaction with websites and mobile apps, with customers seeking easy access to account management and an organized layout, according to a new survey by JD Power.
Pending home sales in September decreased by 7.3% month-over-month and 11.3% year-over-year, according to the National Association of Realtors.
ABA economists believe results are consistent with a sluggish housing market challenged by affordability concerns, labor shortages, and increasing input costs and suggests residential building activity could remain subdued in the face of elevated mortgage rates.
FHFA is considering requiring only one or two credit reports for single-family loans that Fannie Mae and Freddie Mac acquire, FHFA Director Bill Pulte said in a post on X.
All major market groups posted gains in September except business equipment, which was unchanged. The production of consumer goods rose 0.7%, reflecting an increase in the index for nondurable goods that more than offset a decline in the...
As labor market momentum slows and households face continued price pressures, household wealth is an important source of support for consumer spending.
