An 'open house' flag is displayed outside a single-family home on September 22, 2022 in Los Angeles, California. (Photo by Allison Dinner/Getty Images)
Mortgage applications jumped 6.5 percent from a week ago, according to a weekly survey from the Mortgage Bankers Association (MBA), even as they remain well below their pace a year ago.
“Treasury yields declined late last week, as market concerns over bank closures and the potential for broader ripple effects triggered a flight to safety in Treasury bonds," said Joel Kan, vice president and deputy chief economist for MBA.
"While lower rates should buoy housing demand, the financial market volatility may cause buyers to pause their decisions," he added.
The average 30-year fixed-rate conforming mortgage dropped to 6.71 percent from 6.79 percent, inching back away from the 7 percent mark. The 30-year fixed jumbo mortgage rate also fell, to 6.39 percent from 6.49. Refinance activity, meanwhile, shot up 5 percent, though it remains 70 percent behind its level last year.
In other news from the housing market, home sellers gave concessions to buyers 45.5 percent of sales over the three-month period ending in February, according to Redfin.
“Any home with a roof that’s over eight years old is just sitting—buyers don’t want to put any additional funds into repairs. I had a few sellers offer credits for new roofs to close the deal. We’re also seeing more buyers ask for credits toward their closing costs.”
“Buyers today are way more demanding and selective," said Elena Fleck, a Redfin real estate agent in Palm Beach, Florida, in a press release. "They’re willing to wait to find the perfect house, which wasn’t the case during the pandemic homebuying boom.”
Updated March 15, 2023 at 4:20 p.m. ET to clarify the latest conforming and jumbo mortgage rates.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
