Mortgage application volume fell 3.8% last week due to mixed rate movements. Refinance applications dropped 5%, while purchase applications decreased 3%. Rates are influenced by inflation data and optimism over the Strait of Hormuz opening, with potential impacts from oil price fluctuations.
South Korea's COFIX, a benchmark for bank mortgage rates, rose 0.01 percentage points to 2.90% in May, marking the second consecutive monthly increase. This rise occurs despite the Bank of Korea holding its key rate steady, amid expectations of a future hike.
New research from the Federal Reserve Bank of St. Louis shows a rise in mortgage application denials, with debt-to-income ratios being a primary cause. Higher interest rates are pushing more applicants above lender thresholds, blocking access to credit.
Total mortgage application volume fell 2.5% last week as demand for home purchases slowed to its lowest pace since April, despite a slight decrease in the average 30-year fixed-rate mortgage to 6.57%. Refinance applications also declined.
Mortgage rates climbed last week, reducing loan demand and pushing consumers toward riskier adjustable-rate mortgages. Total applications fell 2.3%, with 30-year fixed rates hitting a 7-week high of 6.56%.
Mortgage rates have reached their highest point since July 2025, with predictions of surpassing 7% this year. Experts advise locking in loans now due to market volatility influenced by geopolitical events and inflation.
Growing concerns over the war with Iran are pushing bond yields higher, causing average 30-year fixed mortgage rates to climb to 6.75%, the highest since July 31. This impacts housing affordability, increasing monthly payments for buyers.
The UK housing market is experiencing a slowdown due to concerns over rising inflation and mortgage rates linked to the Middle East conflict, with reduced buyer inquiries, slower sales, and price sensitivity, according to the RICS survey.
Mortgage rates climbed Wednesday following a hot inflation report (PPI), adding to recent surges driven by war concerns. This impacts the spring housing market, which was showing signs of recovery despite still-limited inventory and cooling price growth.
Mortgage applications increased 1.7% week-over-week, with purchase applications rising 4% and refinance applications declining 1%, as buyers adapt to higher mortgage rates (30-year fixed at 6.46%) despite economic uncertainties.
Home sales barely moved in April, as mortgage rates shot higher the month before and uncertainty over the war with Iran weighed on consumers.
Warsh would succeed outgoing Fed chair Jerome Powell as Trump continues his push to influence the US central bankSign up for the Breaking News US newsletter email The US Senate is expected to confirm Kevin Warsh this week as chair of the Federal Reserve, as Donald Trump continues his campaign to influence the world’s most important central bank.The Fed’s influence over the economy spans from the job market to mortgage rates, and its every move is carefully scrutinized by investors on Wall Street. Warsh’s confirmation comes at a turbulent time for the central bank, which has fallen under intense scrutiny from Trump for not lowering interest rates. Continue reading...
Mortgage rates rose last week, causing loan demand to drop back and causing the average loan size to rise — indicating that lower-income borrowers dropped out.
Mortgage rates rose last week, causing loan demand to drop back and causing the average loan size to rise -- indicating that lower-income borrowers dropped out.
Mortgage rates rose last week, causing loan demand to drop back and causing the average loan size to rise -- indicating that lower income borrowers dropped out.
Diageo shares rose 2% after Trump announced removal of 10% tariffs on Scotch whisky in honor of King Charles. UK house prices unexpectedly increased 0.4% in April with annual growth reaching 3.0%, while NatWest reported Q1 profits of £1.4bn despite setting aside £140m for potential economic worsening.
The Federal Reserve held interest rates steady at 3.5%-3.75% in what may be Chair Jerome Powell's final meeting before Kevin Warsh takes over. Inflation has surged since the Iran war began, limiting policymakers' room to act. Credit card rates remain near 20%, while mortgage rates hit 6.38% and auto loan payments reached a record $773 monthly.
Mortgage rates rose to 6.45% on Wednesday, the highest since April 3, after President Trump said he would maintain the U.S. naval blockade against Iran until a nuclear deal was reached. The statement sent oil prices higher and bond yields followed, pushing the 30-year fixed mortgage rate up seven basis points. Despite higher rates, mortgage applications surged 1% last week, up 21% year-over-year, suggesting buyers may be adapting to the higher rate environment.
Mortgage rates increased to 6.37% for 30-year fixed loans, causing refinance applications to fall 4% while purchase applications rose 1% week-over-week. Despite the rate climb, homebuyers are showing renewed interest ahead of spring, with purchase applications up 21% year-over-year. The MBA notes consumers appear to be moving forward despite geopolitical uncertainties related to the war with Iran.
Oil prices rose to a three-week high as US-Iran peace talks stalled, with Brent crude jumping around 2% to $107.97 a barrel. President Trump cancelled plans to send envoys to Pakistan for ceasefire talks, saying too much time was wasted on travel, and said Iran must come to the US to negotiate. However, Tehran has submitted a new proposal to reopen the Strait of Hormuz and end the war, with nuclear negotiations postponed for later.
Jonathan Brash says ‘own goals’ are distracting from Labour’s achievementsUK inflation accelerated to 3.3% in March after the Iran war triggered the biggest jump in fuel prices for more than three years, Richard Partington reports.Today the Liberal Democrats staged a photocall to publicise their line about this being “Trumpflation”. Daisy Cooper, the Lib Dem deputy leader and Treasury spokesperson, said:People across our country have been struggling for years with a devastating cost-of-living crisis and Donald Trump’s idiotic war in Iran has added to it. The cost of fuel is soaring, mortgage rates are rising and fixed energy deals are already going up by hundreds of pounds.But what is utterly inexcusable is that there are politicians in this country - Nigel Farage and Kemi Badenoch - who are happy to cheerlead Donald Trump as he hikes people’s bills. All the while this Labour government promised to fix the country but instead we’ve got political Groundhog Day: yet more sleaze and scandal. Continue reading...
Jonathan Brash says ‘own goals’ are distracting from Labour’s achievementsUK inflation accelerated to 3.3% in March after the Iran war triggered the biggest jump in fuel prices for more than three years, Richard Partington reports.Today the Liberal Democrats staged a photocall to publicise their line about this being “Trumpflation”. Daisy Cooper, the Lib Dem deputy leader and Treasury spokesperson, said:People across our country have been struggling for years with a devastating cost-of-living crisis and Donald Trump’s idiotic war in Iran has added to it. The cost of fuel is soaring, mortgage rates are rising and fixed energy deals are already going up by hundreds of pounds.But what is utterly inexcusable is that there are politicians in this country - Nigel Farage and Kemi Badenoch - who are happy to cheerlead Donald Trump as he hikes people’s bills. All the while this Labour government promised to fix the country but instead we’ve got political Groundhog Day: yet more sleaze and scandal. Continue reading...
Keir Starmer faced intense questioning at PMQs regarding the vetting of Peter Mandelson and potential diplomatic appointments for political allies. While denying pressure on the Foreign Office, Starmer acknowledged failures in communication regarding security vetting outcomes.
Prime Minister Keir Starmer has rejected claims he was under pressure to approve Peter Mandelson's appointment, citing evidence from civil servant Sue Robbins that no pressure was placed on him. However, Conservative leader Kemi Badenoch criticised Starmer for relying on advice received after Mandelson was sacked, arguing the appointment was effectively a done deal. Robbins reportedly said the PM's team showed a dismissive approach to vetting, which was not proper process.
