U.S. 30-year mortgage rates fall for first time since late March

stock analyst • • stock options

U.S. mortgage rates fell for the first time since late March, giving homebuyers some relief and boosting applications for home purchases and refinancing mortgages

U.S. mortgage rates fell for the first time since late March, giving home buyers some relief. It also boosted applications for home purchases and refinancing mortgages.
Data released Wednesday by the Mortgage Bankers Association showed that the contract interest rate on a 30-year fixed-rate mortgage fell 11 basis points to 7.18% in the week ended May 3.
Prior to this, the interest rate had risen for four consecutive weeks and rose to a level well above 7%.
The housing market is one of the most interest-rate sensitive areas of the economy.
Mortgage rates fell last week as Federal Reserve Chairman Jerome Powell said a rate hike was unlikely and data showed job growth and wage growth slowed.
Boosted by falling borrowing costs, the MBA mortgage application index, which covers home purchase and refinance mortgage applications, rose 2.6%. The refinance index rose 4.5%.
The MBA survey, conducted weekly since 1990, uses responses from mortgage bankers, commercial banks and thrifts.
The data covers more than 75% of all retail residential mortgage applications in the United States.

Like (0)
stock analyststock analyst
Previous May 8, 2024 9:28 pm
Next May 8, 2024 9:28 pm

Related posts

  • Lei Jun visits Xiaopeng flying car, low-altitude economy once again attracts attention

    Sina Technology News On the afternoon of April 25, at the 2024 Beijing Auto Show, Lei Jun, founder of Xiaomi Group, went to visit Xpeng Huitian’s integrated land and air flying car, and exchanged questions about flying cars with He Xiaopeng, founder of Xpeng Motors. The audience continued Onlookers once again aroused people\’s close attention to the low-altitude economy. As urban traffic pressure continues to increase, low-altitude economy is regarded as one of the potential solutions for future urban traffic. Data shows that 63.1% of Chinese consumers expect flying cars to solve traffic congestion problems. With the comprehensive development and industrial advantages of China\’s new energy vehicle industry chain, my country has industry competitive advantages and industrial scale effects in many fields such as batteries, motors, and smart cockpits. Because of this, the field of new energy vehicles, with batteries, motors, and electronic controls as the three major components, has a certain overlap with flying cars. As an important carrier of the low-altitude economy, many companies in the transportation field, especially new energy car companies, have turned their attention to…

    stock options April 25, 2024

  • Huang Jen-Hsun’s total salary surged 60% last fiscal year, reaching $34.2 million

    Information recently disclosed by NVIDIA shows that the company’s CEO Jen-Hsun Huang’s total compensation surged by 60% last fiscal year.

    stock options 4 days ago

  • Xinhua Pharmaceutical: Net profit in the first quarter of 2024 was 142 million yuan, a year-on-year decrease of 6.41%

    CSI Intelligent Financial News Xinhua Pharmaceutical (000756) disclosed its first quarter report for 2024 on April 26. In the first quarter of 2024, the company achieved total operating income of 2.475 billion yuan, a year-on-year decrease of 6.25%; net profit attributable to the parent company was 142 million yuan, a year-on-year decrease of 6.41%; non-net profit after deduction was 138 million yuan, a year-on-year decrease of 6.41%; Net cash flow was 38.0634 million yuan, compared with -184 million yuan in the same period last year; during the reporting period, Xinhua Pharmaceutical\’s basic earnings per share was 0.21 yuan, and the weighted average return on net assets was 3.04%.

    stock options April 25, 2024

  • Sensex, Nifty open in the red; L&T under pressure

    NSE Nifty 50 was down by 0.23 per cent, or 51.40 points, to 22,251, while the BSE Sensex was at 73,238, down by 0.31 per cent, or 227.50 points in early trade.

    stock options May 9, 2024

  • Broker’s call: Asian Paints (Sell)

    Target: ₹2,570

    stock options 5 days ago

  • The Ministry of Finance and the State Administration of Taxation released the land value-added tax policy for the reform of the rural collective property rights system

    On April 25, the Ministry of Finance and the State Administration of Taxation issued an announcement on the land value-added tax policy for the reform of the rural collective property rights system, which proposed that villagers\’ committees and villager groups shall, in accordance with the requirements of the reform of the rural collective property rights system, transfer state-owned land use rights and buildings on the ground to If the property and its attachments are transferred or changed to the name of a rural collective economic organization, land value-added tax will not be levied for the time being.

    stock options April 25, 2024