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PMMS 10/07/2021

The average 30-year-fixed mortgage rate slipped back down to 2.99% for the week ending Oct. 7. The week before, rates had made it above the 3% mark for the first time since June.

Sam Khater, Freddie Mac’s chief economist, believes rates remain close to 3% as a result of continued unknowns in the financial markets, as the pandemic lingers on.

“Mortgage rates continue to hover at around three percent again this week due to rising economic and financial market uncertainties,” said Khater. “Unfortunately, with the expectation that both mortgage rates and home prices will continue to rise, competition remains high and housing affordability is declining.”

Although rates remain at historic lows for now, market observers do expect rates to climb upward, eventually. Even a modest increase in rates could deter borrowers from seeking to refinance their mortgages.

MBA 10/06/2021

Mortgage application volume dropped 6.9% for the week ending Oct. 1, as higher rates reduced borrowers’ waning appetites for refis even further.

Pushing the decline was the refinance index, which dipped by 10% from the previous week. The purchase activity also decreased by 2% from the prior week.

Joel Kan, MBA’s associate vice president of economic and industry forecasting, said that “higher rates are reducing borrowers’ incentive to refinance, as declines were seen across all loan types.”

“With home-price appreciation and sales prices remaining very elevated, applications for higher balance, conventional loans still dominate the mix of activity,” Kan added.

MBA’s survey noted that the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($548,250 or less) increased four basis points to 3.14%.

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