Why Recessions Forge Great CEOs Who Think Beyond Cost-Cutting
04/15/2025
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
December 15, 2022: -After a month of declines, mortgage application volume rises as current homeowners and potential purchases move on lower mortgage rates.
According to the Mortgage Bankers Association’s adjusted index, applications rose 3.2% in the previous week compared with the previous week.
The average contract interest prices for 30-year fixed-rate mortgages with conforming loan balances surged ever so in the previous week to 6.42% from 6.41%, with points surging to 0.64 from 0.63 for loans with a 20% down payment. But the rate trajectory has been lower for the past month, as administration reports show inflation was cooling. Interest rates are sliding following the release of the November consumer price index.
Mortgage applications to refinance a home loan increased by 3% in the previous week from the last week but were 85% lower than the same week before the year. The drop-in rates from a high of just more than 7% in October added to the still-tiny pool of potential borrowers who could benefit from a refinance.
The mortgage app to purchase a home increased by 4% for the week and was 38% lesser than the same week one year ago. That annual comparison is shrinking slightly as rates drop.
“The ongoing moderation in home-price increase, along with further declines in mortgage rates, may encourage better buyers to return to the market in the future months,” Joel Kan, an MBA economist, wrote in a release.
ARMs offer lower prices but at a higher risk since they will ultimately adjust at the end of their fixed terms to the market rate. Lower rates have shrunk demand for adjustable-rate mortgages. ARMs dropped 7.7% of total applications in the previous week from just under 13% in October when rates were much higher.
While mortgage rates dropped after the CPI report Tuesday, they could move markedly again after the Federal Reserve stated its recent move on interest rates and Fed Chair Jerome Powell comes with remarks.
“A friendly enough Fed could break the range, but we have our doubts about how much fuel the Fed wants to add to the fire,” said Matthew Graham, chief operating officer of Mortgage News Daily. “If anything, the Fed is more to try to fortify the exuberance because the exuberance is insufficient to the Fed’s goals.”
But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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But the CEOs who make history in downturns aren’t the ones with the deepest cuts
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