Analysis and Data

The data, collected between 2013-20, highlights borrowers’ experiences obtaining a mortgage during the pandemic.

Both the purchase and refinance indexes rose last week despite a small increase in mortgage rates.

November CPI report shows annual inflation at 7.1% in November, down from 7.7% in October.

Consumers also more optimistic that household income will grow.

Overall rate lock dollar volume down 21.5% month over month, remaining at the lowest level since February 2019.

Home price gains slowed in September 2022, according to the S&P CoreLogic Case-Shiller Indices.

The market may not stay calm for very long, though.

The Mortgage Credit Availability Index increased, indicating loosening credit.

The 4-week decline is the largest since 2008.

Elevated interest rates paired with housing market seasonality has driven declines in new inventory and listings.