Close Menu
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

The Best Prime Day Travel Deals 2025

June 30, 2025

How to make $100,000 or more and pay no income taxes

June 30, 2025

A Translation Guide To Progressive Slavespeak

June 30, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Privacy Policy
  • Terms Of Service
Tuesday, July 1
Doorpickers
Facebook X (Twitter) Instagram
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking
Doorpickers
Home»Real Estate»Mortgage rates head lower, helped by better mortgage spreads
Real Estate

Mortgage rates head lower, helped by better mortgage spreads

July 14, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

If we were to apply the worst spreads from 2023 to today, mortgage rates would currently be 0.48% higher. Although we are still below average in terms of spreads, the improvement we have seen this year is a positive development.

10-year yield and mortgage ratesĀ 

Last week, inflation data and testimony from Federal Reserve President Jerome Powell were positive for mortgage rates as the 10-year yield dropped to 4.20%. Breaking below this level has been challenging, so the key for this week is to see continued bond buying after the breach of 4.20%. Otherwise, we may need additional economic data or Fed announcements to push the yield lower.

Purchase application data

Recent trends in purchase applications have been positive, with four out of the last five weeks showing growth. Even though mortgage rates are not at 6%, which historically corresponds to positive trending purchase apps, the current improvement is noteworthy. It will be crucial to monitor this trend over the next six months as positive data could impact future existing home sales reports.

Since the decline in mortgage rates in November 2023, there have been 16 positive, 14 negative, and two flat prints in the week-to-week data. However, with rates rising earlier this year, demand has decreased. The year-to-date data for 2024 still shows 10 positive, 14 negative, and two flat prints.

Weekly housing inventory data

This week’s inventory data was affected by the July 4th holiday, so any decline should be viewed in that context. It is expected that inventory levels will normalize in the coming weeks.

  • Weekly inventory change (July 5-12): Inventory decreased from 652,573 to 651,453
  • The same week last year (July 7-14): Inventory increased from 466,534 to 471,603
  • All-time inventory bottom in 2022: 240,497
  • Yearly inventory peak for 2024: 652,573
  • Active listings for the same week in 2015: 1,197,439

New listings data

New listings saw a significant decline this week, likely due to the holiday weekend. It will be interesting to monitor this trend in the coming weeks, especially as the seasonal decline period approaches.

Notably, new listings this week are lower than in previous years, marking a new low in new listing data. Here are the new listings for the last week over several years:

  • 2024: 56,638
  • 2023: 57,304
  • 2022: 71,790

Price-cut percentage

As rates remain elevated, the price-cut percentage has increased compared to the last two years. This is a common occurrence in the housing market, especially when certain regions have higher inventory levels.

Recent data suggests that price growth will cool down in the second half of the year. Here are the price-cut percentages for last week over the past few years:

  • 2024: 38%
  • 2023: 33%
  • 2022: 33%

Pending sales

Weekly pending contract data from Altos Research shows a slight increase in demand this year compared to the previous year. This data provides real-time insights into market demand.

  • 2024: 381,524
  • 2023: 377,650
  • 2022: 419,524

The week ahead: Powell talks again, plus retail sales and housing starts

This week, we can expect more insights from Powell and other Fed presidents, along with key economic data such as retail sales and housing starts. It will be important to monitor single-family permits in the housing starts data and jobless claims for further market indicators.

helped Mortgage Rates spreads
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Homebuyers still have down payment misconceptions

June 30, 2025

19 Types of Houses: Which is Right For You?

June 30, 2025

As rates dip and policy shifts, is the housing market about to wake up again?

June 29, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Crypto index investing to start? U.S. asset managers seek SEC approval

October 3, 20240 Views

Chicago vs Milwaukee: Which City is Right For You?

December 30, 20240 Views

BNB Chain Closes Speed Gap with Ethereum as Maxwell Hard Fork Hits Testnet

June 2, 20250 Views
Stay In Touch
  • Facebook
  • YouTube
  • TikTok
  • WhatsApp
  • Twitter
  • Instagram
Latest
Personal Finance

The Best Prime Day Travel Deals 2025

June 30, 20250
Investment

How to make $100,000 or more and pay no income taxes

June 30, 20250
Economic News

A Translation Guide To Progressive Slavespeak

June 30, 20250
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Terms Of Service
© 2025 doorpickers.com - All rights reserved

Type above and press Enter to search. Press Esc to cancel.