Demand for mortgages increased for the second straight week, despite some volatility in mortgage rates. Total application volume rose 6.5% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. related investing news The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) […]
Tag Archives: rises
17
Mar
Mar
Construction workers work on a home, as a subdivision of home is built in San Marcos, California, January 31, 2023. Mike Blake | Reuters Mortgage rates are high and volatile, homes are still pricey, and inflation is not in check, but, even so, the nation’s homebuilders are starting to feel better about their business. A […]
04
Jan
Jan
A poll by the challenger bank adds that 49% of buy-to-let owners feel that “it’s harder being a landlord now compared to a year ago”, faced with inflation at 10.7%, interest rates at 3.5% and a volatile housing market. Its study finds that although a sizeable majority of BTL owners are considering raising rents they are […]
02
Jan
Jan
It adds that quarterly price inflation has “slowed quickly”, specifically, from over 2% in the first half of this year to 0.3% over the last three months – “an annualised growth rate of just 1.4%”. Zoopla expects this to turn negative by mid-2023. The report also says that buyer demand is down 50% on the […]
02
Nov
Nov
The Reserve Bank of Australia hiked interest rates again this month, taking the OCR to 2.85% – a move that has pushed some mortgage borrowers to their “stress test” limits. The latest rate hike was the seventh straight RBA increase since May, pushing the OCR to its highest level since April 2013. This also means […]
13
Sep
Sep
Meanwhile, in Australia, one employer is working on bringing up wage levels for some of its lowest paid workers. National Australia Bank (NAB) is offering enhanced pay of 5%, and it is offering one extra week’s leave for employees earning less than $100,000 per year, in a deal that NAB hopes will be agreed with […]
10
Sep
Sep
As interest rate rises continue, the effect of banks passing on rate rises to customers can be seen in the types of loans Australians are accessing. Online home loan auction marketplace Joust has revealed borrowers are already taking out significantly smaller loans to build homes. Loans accessed through Joust’s Instant Match platform are split into […]
20
Aug
Aug
For a two-year fix, the price increased by 6 basis points, to 4.09%, and the three-year fix average rate gained 9 basis points, moving to 4.55%. The average rate for a five-year fix rose 5 basis points, to 4.24%, while the 10-year fix saw a change for the first time in weeks, ticking up 1 […]
01
Aug
Aug
The year-over-year decline in Fannie Mae’s second quarter earnings at 35% was slightly larger than Freddie Mac’s, but unlike its secondary market competitor, quarter-to-quarter profitability was up 6% on higher net interest income. During its earnings call, David Benson, president and interim CEO, reiterated the company’s forecast of a modest recession starting in early 2023. […]
04
Jul
Jul
Just 39% of Australians support the Reserve Bank’s decision to lift interest rates as hard and fast as it has recently, new research has found. Meanwhile, home loan borrowers are on high alert with industry experts expecting the RBA to deliver its third consecutive cash rate increase tomorrow. Most predict the RBA will lift the […]
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