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PMMS 9/23/2021

The average 30-year-fixed mortgage rose, ever so slightly, to 2.88% for the week ending Sept. 23. Mortgage rates have been roughly flat for months now.

According to Sam Khater, Freddie Mac’s chief economist, homebuyers are soaking up all available inventory, while home-price growth is also moderating.

“The slowdown in economic growth around the world has caused a flight to the quality of the U.S. financial markets,” said Khater. “This has led to a rise in foreign investor purchases of U.S. Treasuries, causing mortgage rates to remain in place, despite the increasing dispersion of inflation across different consumer goods and services.”

But what little progress builders have made may falter in the months to come.

“The next few months will be choppy as several home builders are signaling that they are going to deliver less supply amid labor and materials shortages,” Khater said.

MBA 9/22/2021

The week following Labor Day saw a flurry of mortgage loan application activity, with volume jumping by 4.9% for the seven days ending Sept. 17. The increase in application activity is quite different from the MBA’s survey published in early September, which saw application volume decline by 1.9%.

The refi index increased by 7% from the previous week. Joel Kan, associate vice president of economic and industry forecasting at MBA, said that the surge in both refis and purchases was mainly driven by rates that remained low at 3.03%.

“There was a resurgence in mortgage applications the week after Labor Day, with activity overall at its highest level in over a month, and purchase applications jumping to a high last seen in April 2021,” said Kan. “Housing demand is strong heading into the fall, despite fast-rising home prices and low inventory. The inventory situation is improving, with more new homes under construction and more homeowners listing their home for sale.”

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• FHA vs Conventional, which is better?

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