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Mortage Index Stabilizing

Mortgage Rates

And by stabilizing we mean not going down any more

The mortgage market is showing signs of stability, Nathan writes.

  • Mortgage applications plunged through the first 11 months of the year as rising interest rates cooled off the housing market — but they’ve stabilized in recent weeks.
  • The index in the chart above from the Mortgage Bankers Association is a measure of mortgage loan application volume.

By the numbers: Applications rose 3.2% last week, compared with a week earlier, the MBA reported today.

  • 30-year fixed-rate mortgage interest rates averaged 6.42%, about the same as a week earlier but down from a high of 7.16% in late October.

What they’re saying: “The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months,” MBA deputy chief economist Joel Kan said in a statement.

Axios Closer By Hope King and Nathan Bomey · Dec 14, 2022