Overview
- U.S. mortgage costs, which the Mortgage Bankers Association said Wednesday averaged 6.51% for the week ended April 3, left purchase applications up 1% on the week but down 7% from a year ago as refinances fell 3%.
- ICE Mortgage Technology reported that 30-year rates have climbed about 40 basis points since late February, cutting buying power and leaving roughly 60% fewer borrowers positioned to refinance than at recent highs.
- Halifax said UK house prices fell 0.5% in March to an average £299,677, citing uncertainty around mortgage costs, while trade press reported lenders pulled a large number of deals, reducing choice for borrowers.
- A two-week ceasefire announced Tuesday eased bond yields and trimmed some pricing pressure, yet Moneyfacts said lenders are likely to keep rates higher for now given volatile conditions and caution on future moves.
- Mortgage pricing tracks 10-year Treasury and swap or gilt rates, so even small yield moves can hit budgets, with one tracker estimating a typical U.S. monthly payment rose about $115 over the past four weeks.