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Mortgages

Mortgages
US foreclosure filings rise for 8th straight month
United States foreclosure filings climbed 19% in the 12 months to October, the country’s eighth consecutive month of year-over-year increases as housing costs rise. There were 36,766 properties in the U.S. with foreclosure filings, according to an Attom report. This is also a 3% rise from September. "Even with these increases, activity remains well below historic highs. The current trend appears to reflect a gradual normalisation in foreclosure volumes as market conditions adjust and some homeowners continue to navigate higher housing and borrowing costs,” said Attom CEO Rob Barber. U.S. lenders started the foreclosure process on 25,129 properties, growing by 20% year-over-year and by 6% from September. Completed foreclosures also surged, with 3,872 properties being repossessed in October. This is up 32% from the previous year and a 2% rise from September. Nationwide foreclosure rates remained under 0.5%, below historic averages of 1-1.5%. Florida had the worst foreclosure rate of any state, with one in 1,829 housing units having a foreclosure filing during October. South Carolina, Illinois, Delaware, and Nevada had the next-highest foreclosure rates. Tampa, Florida, also had the highest foreclosure rate among
Mortgages
US home buyers' mortgage applications surge 6%
United States mortgage applications for home buyers increased by almost 6% last week to their highest pace since September, despite growth in mortgage rates. Total mortgage loan applications were up 0.6% for the week to 7 November, according to the Mortgage Bankers Association (MBA). The average 30-year fixed mortgage rate was 6.34%, rising from 6.31% the previous week. “Purchase applications for conventional, FHA [Federal Housing Administration], and VA [Veterans Affairs] loans increased, as potential homebuyers continue to shop around, particularly in markets where inventory has increased and sales price growth has slowed. Based on the unadjusted purchase index for the week, this was the strongest start to November since 2022,” said MBA vice president and deputy chief economist Joel Kan. Mortgage application volumes for home purchases increased 31% year-over-year. While MBA’s mortgage refinance index fell by 3% from the prior week, it was 137% higher than one year ago. “Higher mortgage rates did quell some refinance activity, as conventional and VA refinance applications declined over the week, and the average loan size for refinances dropped to its lowest level in over a month,” said Kan. Refinances represente
Mortgages
US 30yr mortgage rate falls to lowest in 13 months
The United States Federal Reserve once again cut interest rates, as inflation fears continue to take a backseat to concerns about a stalling labour market. The U.S. central bank said it was lowering the target for its key lending rate by 0.25 percentage points to a range of 3.75% to 4%. The rate cut comes despite the U.S. federal government shutdown nearing its one-month mark, which delayed official data. Prior to this, the Fed cut interest rates for last month for the first time since December, leading economists to expect a jump-start in further reductions; however, the lack of data leaves the future trajectory uncertain. The Fed’s latest cut also brings the target for its key lending rate down to its lowest level in three years. This comes after the Mortgage Bankers Association’s (MBA) reported that mortgage rates in the U.S. have fallen for a fourth consecutive week to their lowest level in 13 months after a key reading of inflation came in lower than expected. According to the MBA Weekly Mortgage Application Survey, the most popular 30-year mortgage fell seven points to 6.30% in the week ending 24 October. This is the lowest rate since September 2024, and with the latest drop, interest rates have fallen m
Mortgages
US mortgage rates fall to yearly lows of 6.3%
The average United States mortgage rate has eased back to its lowest in around a year to 6.3%. The average 30-year U.S. mortgage rate fell from 6.34% last week to 6.3% this week and averaged 6.32% last year, according to mortgage buyer Freddie Mac. The 15-year fixed rate mortgage also dropped from 5.55% last week to 5.53%. It was 5.41% the same time last year. Mortgage rates have continued to ease as the Federal Reserve resumed cutting interest rates amid a stagnant labour market filled with low layoffs and lacklustre hiring. There has been no surge in home loan applications as homeowners take advantage of lower borrowing costs to refinance. Despite this, Redfin, a separate real estate company, confirmed that buyers remain hesitant, with pending home sales decreasing to 1.3% from a year ago in September, marking the largest drop in five months. “The typical home that sells is taking 48 days to go under contract, a week longer than last year and the longest September span since 2019,” Redfin said. Redfin also revealed that many Americans looking to buy a home were waiting for mortgage rates to drop further before entering the market. "Some prospective buyers are also wary of making a big purchase while the e
Mortgages
US mortgage activity continues downward trend
United States mortgage application activity maintained its downward slide last week, with data from the Mortgage Bankers Association (MBA) showing that both purchase and refinance demand are declining. The MBA’s Weekly Mortgage Applications Survey for the week ending 3 October revealed a 4.7% drop in the Market Composite Index, which tracks overall mortgage loan application volume. This marks a 5% decrease from the previous week on an unadjusted basis. Refinance activity led the overall decline in mortgage demand, with an 8% week-over-week drop, even though it remained 18% higher than the same time last year. The seasonally unadjusted Purchase Index decreased by 1% from a week earlier and increased 14% year-over-year. While activity has dropped from last week, MBA’s SVP and chief economist Mike Fratantoni said it has elevated from a month ago and is rising annually. “With mortgage rates on fixed-rate loans little changed last week, refinance application activity generally declined, with the exception of a modest increase for FHA refinance applications,” he said. “Purchase activity declined by about 1% for the week but continues to show moderate growth on an annual basis, and stronger growth for FHA loans, favo

Mortgages
US mortgage rates to fall below 6% in 2026: Fannie Mae
United States mortgage rates are set to fall below 6% by the end of 2026, Fannie Mae projected in its September Economic and Housing Outlook. Fannie Mae expects mortgage rates at the end of 2025 will be 6.4%, dropping to 5.9% at the end of 2026. This is a downward revision from its August forecast of 6.5% in 2025 and 6.1% in 2026. “We project single-family mortgage originations to rise to US$1.85 trillion and $2.32 trillion, respectively, for 2025 and 2026,” according to Fannie Mae. Its prior forecast was $1.85 trillion for 2025 and $2.26 trillion for 2026. U.S. mortgage rates have been falling since mid-July, ahead of the Federal Reserve announcing it would cut interest rates by 0.25% last week. The 30-year fixed mortgage rate average fell from 6.35% to 6.26% in the week to 18 September. This is the lowest 30-year fixed mortgage rate since October. The share of mortgage applications that were refinances climbed to almost 60% last week, according to Freddie Mac, which is the highest percentage in more than three years. The National Association of Realtors similarly predicted this month that mortgage rates will be in the mid-6% range in 2025, and potentially decline to 6% in 2026. Total U.S. home sales in 2025
Mortgages
US mortgage rates fall to lowest since October 2024
United States mortgage rates dropped again this week as the Federal Reserve announced an interest rate cut, according to Freddie Mac’s Primary Mortgage Market Survey. The 30-year fixed mortgage rate averaged 6.26% in the week to 18 September, falling from 6.35% the previous week to reach its lowest point since October. This is a year-over-year increase from 6.09%, however. “Mortgage rates decreased yet again this week, prompting many homeowners to refinance,” said Freddie Mac chief economist Sam Khater. “In fact, the share of mortgage applications that were refinances reached nearly 60%, the highest since January 2022.” The 15-year fixed mortgage rate also dropped from 5.50% to 5.41% this week, though it remains above the 5.15% average seen one year ago. Fixed mortgage rates have largely been declining since mid-July, anticipating the 0.25% interest rate cut the Federal Reserve announced on Wednesday. A similar pattern occurred in July to September 2024 before an interest rate cut, with fixed mortgage rates climbing again in October. Both the 30-year and 15-year rate reached their 2025 peaks on 15 January, at 7.04% and 6.27% respectively. “The recent drop in mortgage rates is a positive development for helping to
Mortgages
US mortgage demand rises as loan rates fall
Interest rates in the United States have hit their lowest level since last October as home loans surged last week. Mortgage Bankers Association data found that the 30-year fixed mortgage rate for conforming loan balances, US$806,000 or less, declined for a second week to 6.49% in the week ending 5 September. This sent signals to borrowers, who applied for 9% more mortgages than the previous week. “The downward rate movement spurred the strongest week of borrower demand since 2022, with both purchase and refinance applications moving higher,” MBA vice president and deputy chief economist Joel Kan said. “Purchase applications increased to the highest level since July and continued to run more than 20% ahead of last year’s pace.” The dip in interest rates caused applications to refinance a home loan to jump 12% for the week and 34% higher than the same week a year ago. The refinance share of mortgage activity increased to 48.8% of total applications from 46.9% the previous week. “The holiday-adjusted refinance index had its strongest week in a year and the average loan size for refinances also increased significantly, since borrowers with large loans are more sensitive to bigger rate moves,” Kan said.
Mortgages
UK housing price growth slows amid high mortgage costs
Annual United Kingdom housing price growth softened to 2.1% as housing prices fell 0.1% month on month in August. According to Nationwide, the average price fell from £272,664 in July to £271,079 in August. Nationwide chief economist, Robert Gardner, said this is subdued given the cost-of-living crisis and high housing prices. “Combined with the fact that mortgage costs are more than three times the levels prevailing in the wake of the pandemic, this means that the cost of servicing a mortgage is also a barrier for many,” he said. “Indeed, an average earner buying the typical first-time buyer property with a 20% deposit faces a monthly mortgage payment equivalent to around 35% of their take-home pay, well above the long run average of 30%.” However, Gardner said affordability may improve if income growth continues to outpace house growth as expected. He also said borrowing costs are likely to moderate if the Bank Rate is lowered again in the coming quarters. The Bank of England’s monetary policy committee recently voted in August to cut the base rate by a quarter point to 4%. According to Moneyfacts, the average two-year fixed mortgage rate was 4.96% at the end of August. The average rate for a five-year deal