Editor’s Note: The Mortgage Mix is RISMedia’s weekly highlight reel of need-to-know mortgage-industry happenings. Watch for it each Friday afternoon.
- According to the latest Primary Mortgage Market Survey® from Freddie Mac, released Sept. 21, 2023, the 30-year fixed-rate mortgage sits at 7.19%—a slight rise from the previous week’s 7.18%—while the 15-year fixed-rate mortgage currently stands at 6.54%, up a mere 0.03% from last week’s 6.51%.
- Mortgage applications increased by 5.4%, according to the latest Weekly Mortgage Applications Survey from the Mortgage Bankers Association (MBA).
- Commenting on this unusual rise in applications while rates remain high, MBA Vice President and Deputy Chief Economist Joel Kan explained: “The average loan size on a purchase application was $416,800, the highest level in six weeks. Home prices in many markets have been supported by low inventory and resilient housing demand for available homes.”
- National Association of REALTORS® Chief Economist Lawrence Yun has said that mortgage rates could reach as high as 8%, but predicts that they will “retreat” shortly after reaching that point.
- While the Federal Reserve has paused interest rate hikes for the second time in 19 months, the central bank expects to raise rates again this year.