#mortgage-rates

#mortgage-rates

After today's report of 22% year-over-year growth, purchase application data has shown 25 consecutive weeks of YoY growth, indicating a stronger market than last year.

While private sector employment made a lackluster gain of 74,000, government job creation, especially in education, significantly inflated the total to 147,000, showcasing a profound irony.

The new Dashboard is a tool that enables NAR members to stay ahead of the market and better serve their clients, equipping them with insights into shifts in affordability, demand, and the economy.

Mortgage rates are now at their lowest level in over two years, which is obviously good news for prospective first-time buyers and those looking to switch their mortgage over the coming months.

"Oil prices rose initially, but have since retreated. It seems investors are still in wait-and-see mode—waiting to see whether there is an escalation of tensions."

Mortgage rates have remained stable amidst fluctuating economic conditions, with forecasts suggesting ranges between 5.75% and 7.25%, indicating a calmer market this year.

On an unadjusted basis, the index decreased 4% compared with the previous week, but the refinance index was 25% higher than the same week last year.

As interest rates shift, borrowers are actively exploring ways to improve their financial position, whether refinancing to lower payments or using home equity for expenses.