{"id":25447,"date":"2023-06-21T09:12:45","date_gmt":"2023-06-21T13:12:45","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/mortgage-rates-fall-for-third-week-in-a-row\/"},"modified":"2023-06-21T09:12:46","modified_gmt":"2023-06-21T13:12:46","slug":"mortgage-rates-fall-for-third-week-in-a-row","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25447","title":{"rendered":"Mortgage rates fall for third week in a row"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002193722\" role=\"document\">\n<p><strong>The numbers:<\/strong> Mortgage rates dipped for the third week in a row, but a low number of homes for sale have curbed home-buying demand.<\/p>\n<p>The 30-year mortgage was averaging at 6.73% in mid-June, which pushed overall mortgage applications up 0.5%.<\/p>\n<div class=\"paywall\">\n<p>Demand for both purchases rose while interest in refinancing fell. Overall, that pushed the market composite index \u2014 a measure of mortgage application volume \u2014 up, the Mortgage Bankers Association (MBA) said Wednesday.\u00a0<\/p>\n<p>The market index rose 0.5% to 209.8 for the week ending June 16 from a week earlier. A year ago, the index stood at 320.4.<\/p>\n<p><strong>Key details:<\/strong> Homeowners didn\u2019t see the current environment as a good time to refinance. The refinance index fell 2.1%.<\/p>\n<p>Meanwhile, falling rates drew home buyers in. The purchase index \u2014 which measures mortgage applications for the purchase of a home \u2014 rose 1.5% from the previous week.<\/p>\n<p>The average contract rate for the 30-year mortgage for homes sold for $726,200 or less was 6.81% for the week ending June 2. That\u2019s down from 6.91% the week before, the MBA said.\u00a0<\/p>\n<p>The rate for jumbo loans, or the 30-year mortgage for homes sold for over $726,200, was 6.73%, down from 6.77% the previous week.<\/p>\n<p>The 15-year rose to 6.26%, from 6.25% previously.<\/p>\n<p>The rate for adjustable-rate mortgages rose to 6.09% from the previous week\u2019s 5.9%.<\/p>\n<p><strong>The big picture: <\/strong>Interest in purchasing a home is strong, but buyers are hampered by a lack of options. There is also little incentive to refinance, since the vast majority of homeowners \u2014 around 92% of homeowners with an outstanding mortgage \u2014\u00a0have a rate below 6%, according to real-estate brokerage Redfin<br \/>\n        RDFN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203726414\/composite\" class=\"negative\">-1.94%<\/bg-quote><span>.<\/span>\n      <\/p>\n<p>Consequently, the housing market is standing still until either home-buying demand drops off or housing supply improves.\u00a0<\/p>\n<p><strong>What the MBA said<\/strong>: \u201cFirst-time homebuyers account for a large share of FHA purchase loans, and this increase is a sign that while buyer interest is there, activity continues to be constrained by low levels of affordable inventory,\u201d Joel Kan, vice president and deputy chief economist at the Mortgage Bankers Association, said in a statement.<\/p>\n<p>He added that the mortgage rate for jumbo loans rose, due to tighter liquidity conditions that have pushed jumbo lenders to pull back.<\/p>\n<p><strong>Market reaction<\/strong>: The yield on the 10-year Treasury note<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.758%<\/bg-quote><br \/>\n       was above 3.7% in early morning trading Wednesday.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/mortgage-rates-fall-for-third-week-in-a-row-6dd366e9?mod=personal-finance\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The numbers: Mortgage rates dipped for the third week in a row, but a low number of homes for sale have curbed home-buying demand. The 30-year mortgage was averaging at 6.73% in mid-June, which pushed overall mortgage applications up 0.5%. Demand for both purchases rose while interest in refinancing fell. Overall, that pushed the market [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13635,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-25447","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Mortgage rates fall for third week in a row | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The numbers: Mortgage rates dipped for the third week in a row, but a low number of homes for sale have curbed home-buying demand. 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