{"id":11129,"date":"2023-11-08T13:54:47","date_gmt":"2023-11-08T13:54:47","guid":{"rendered":"https:\/\/infundpros.com\/finance\/mortgage-rates-register-sharpest-drop-in-over-a-year-amid-signs-of-a-weakening-u-s-economy\/"},"modified":"2023-11-08T13:54:48","modified_gmt":"2023-11-08T13:54:48","slug":"mortgage-rates-register-sharpest-drop-in-over-a-year-amid-signs-of-a-weakening-u-s-economy","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=11129","title":{"rendered":"Mortgage rates register sharpest drop in over a year amid signs of a weakening U.S. economy"},"content":{"rendered":"
\n

The numbers: <\/strong>Mortgage demand rose as rates fell sharply on the back of signs of a weakening U.S. economy.<\/p>\n

Mortgage rates fell by 25 basis points over the last week, the biggest drop since July 2022.\u00a0<\/p>\n

The drop in rates provided a small boost to overall mortgage demand. The overall market composite index \u2014 a measure of mortgage application volume \u2014 rose in the latest week, the Mortgage Bankers Association (MBA) said on Wednesday.\u00a0<\/p>\n

\n

The market index rose 2.5% to 165.9 for the week that ended November 3 relative to a week earlier. A year ago, the index stood at 199.9.<\/p>\n

Key details:<\/strong> Home-buying and refinancing activity inched up as rates fell.<\/p>\n

Buyer demand rose as some consumers jumped to seize lower rates. The purchase index \u2014 which measures mortgage applications for the purchase of a home \u2014 rose 3% from last week.\u00a0<\/p>\n

Refinancing activity also rose modestly. The refinance index increased by 1.6%.<\/p>\n

The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 7.61% for the week that ended November 3. That\u2019s down from 7.86% the week before, the MBA said.\u00a0<\/p>\n

The rate for jumbo loans, or the 30-year mortgage for homes sold for over $726,200, was 7.58%, down from 7.8% the previous week.\u00a0<\/p>\n

The average rate for a 30-year mortgage backed by the Federal Housing Administration fell to 7.36% from 7.57%.\u00a0<\/p>\n

The 15-year fell to 6.98% from 7.14% relative to the previous week.\u00a0<\/p>\n

The rate for adjustable-rate mortgages fell to 6.76% from last week\u2019s 6.77%. ARMs now comprise 9.8% of all applications.<\/p>\n

The big picture: <\/strong>With indications of a weakening labor market and the U.S. Federal Reserve signaling a pause in interest-rate hikes, mortgage rates took a dive in the latest week, dropping by 25 basis points. If the economy continues to weaken, rates will drop further.<\/p>\n

Meanwhile, aspiring homeowners who were spooked by 8% rates likely jumped on the dip, which boosted demand for mortgages. Further declines may prompt more home-buying activity, but that will still be constrained by the broader issue of low inventory.<\/p>\n

What the MBA said<\/strong>: \u201dLast week\u2019s decrease in rates was driven by the U.S. Treasury\u2019s issuance update, the Fed striking a dovish tone in the November [Federal Open Market Committee] statement, and data indicating a slower job market,\u201d Joel Kan, deputy chief economist and vice president at the MBA, said in a statement.\u00a0<\/p>\n

Market reaction<\/strong>: The yield on the 10-year Treasury note
\n BX:TMUBMUSD10Y
\n was below 4.6% in early morning trading Wednesday.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers: Mortgage demand rose as rates fell sharply on the back of signs of a weakening U.S. economy. Mortgage rates fell…<\/p>\n","protected":false},"author":1,"featured_media":11130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":{"0":"post-11129","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance"},"yoast_head":"\nMortgage rates register sharpest drop in over a year amid signs of a weakening U.S. economy | inFundPros<\/title>\n<meta name=\"description\" content=\"The numbers: Mortgage demand rose as rates fell sharply on the back of signs of a weakening U.S. economy. 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