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Mortgage Rates, Average Loan Size Both Fall
Dated: October 20 2022
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Good morning. New numbers show mortgage rates for 30-year fixed-rate loans with both conforming and jumbo balances fell last week, while rates for FHA and 15-year loans were mostly flat.
If you are waiting for a sign to buy a new home in Southwest Florida, this is it. After a few periods where rates went up, the new data says you might still have a chance with a temporary reprieve on rates.
Naples still sees a lot of cash buyers, but what happens when rates go up? Everything real estate-related costs a little more and it slows the market even with cash.
According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week for 30-year fixed-rate loans with both conforming and jumbo balances. Loans backed by the Federal Housing Administration and 15-year fixed-rate loans were mostly flat from the week before. Declining rates led to a bump in mortgage demand which increased 0.7 percent, with refinance activity rising 2 percent week-over-week. Joel Kan, MBA’s associate vice president of economic and industry forecasting, says demand from home buyers, while up slightly from the week before, has slowed this spring. “Overall purchase activity has weakened in recent months due to the quick jump in mortgage rates, high home prices, and growing economic uncertainty,” Kan said. But while demand may be slowing, it may also be helping slow price increases. The report shows the average purchase loan amount fell to $413,500 last week, down from $460,000 in March, its all-time high. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications.
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