Beyond the Office Walls: The Corporate Symphony of Remote Work Redefinition
In the ever-evolving symphony of corporate dynamics, a new movement has emerged, reshaping the traditional …
December 2, 2021: -Mortgage rates rose decisively again for most of the previous week, causing a massive drop in mortgage demand, but on Friday, it changed with the news of the Covid omicron variant.
In the previous week, the average rate on the 30-year mortgage with conforming loan balance increased to 3.31% from 3.24%, with points increasing to 0.43 from 0.36 for loans with a 20% down payment, according to the Mortgage Bankers Association. That is the high rate since April of this year, and the pace was 39 basis points lower before one year.
The surge in rates caused applications to refinance a home loan to drop 15% for the adjusted week. An additional adjustment was made for the Thanksgiving holiday. Refinance demand was 41% less than the same week one year ago. The refinance share of mortgage activity came down to 59.4% of total applications from 63.1% the last week.
“Mortgage rates increased for the third week in a row, reducing the refinance incentive for many borrowers. From the past weeks, rates are up 15 basis points, and refinance activity has declined more than 18%,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.
Mortgage applications to purchase a home increased 5% for the week and were 8% lower from a year ago. Buyers have been returning to the market unexpectedly, as this is usually the start of the slower season for housing. Pending home sales in October, which are measured by signed contracts, jumped an unusually high 7.5% compared with September, according to the National Association of Realtors. Some economists suggest that the fear of higher mortgage rates by spring pushes more buyers into the market now.
The average purchase loan amount increased to $414,700 – the highest since February 2021. This reflects higher home prices, and the bulk of the buying activity is happening on the higher end of the market, where there are more homes for sale.
“As home-price appreciation continues at a double-digit pace, buyers of newer, pricier homes continue to dominate purchase activity, while the share of first-time buyer activity remains depressed,” added Kan.
While rates rose for much of last week, they made a swift reversal on Friday, when news hit the omicron variant. By Tuesday, the average rate on the 30-year fixed had fallen 15 basis points, according to Mortgage News Daily.
Rates began to drop because of the variant and declined further after congressional testimony Tuesday by Federal Reserve Chairman Jerome Powell.
In the ever-evolving symphony of corporate dynamics, a new movement has emerged, reshaping the traditional …
Workplace culture has evolved beyond the superficial allure of ping-pong tables and casual Fridays in the ever-shifting landscape …
In the grand orchestration of corporate strategy, a new conductor has taken the stage, wielding algorithms instead …
In the pulsating heartbeat of technological evolution, a virtual reality revolution is unfurling, beckoning us to reimagine the very essence …
In the grand theater of corporate endeavors, where success is not merely measured in profits but in the harmonious achievements of inspired teams, what if I told you …
In the vast landscape of corporate endeavors, where routines can become ruts and innovation can often be stifled by convention, what if I told you that creativity and disruptive thinking …
Sweet Bonanza: Ein zuckersüßes Abenteuer im Winz io Casino Контент Wo Sie eine Sweet Bonanza-Demo finden The 200 Spins Sweet Bonanza Slot Experience Kun je
Пин Ап Авиатор КЗ Официальный сайт казино Pin-Up в Казахстане Контент Особенности игры Авиатор Бонусы и ставки в онлайн казино Блейз Авиатор игра на деньги
In a move indicative of growing confidence, Assenagon Asset Management S.A., an institutional investor, has significantly …
Financial services firm B. Riley Wealth Advisors Inc. recently significantly adjusted its holdings in Western …
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you