NerdWallet’s Holden Lewis on the latest mortgage rates
Today’s HousingWire Daily features an interview with NerdWallet Home and Mortgage Expert Holden Lewis. In this episode, Lewis reviews the latest mortgage rate numbers and examines how it has impacted potential homebuyers.
For some background on the interview, here’s a brief summary of HousingWire’s latest coverage on mortgage rates:
Fickle mortgage rates rose once again last week, this time four basis points to an average of 2.99%, according to Thursday data from Freddie Mac‘s PMMS. However, despite fluctuating sub-3% mortgage rates, borrowers are still competing in a supply strained and overheated market.
“Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough,” said Sam Khater, Freddie Mac’s chief economist. “There are many potential homebuyers who would like to take advantage of low mortgage rates, but competition is strong. For homeowners however, continued low rates make refinancing an option worth considering.”
The overall housing index hit its lowest point since February, said Joel Kan, the Mortgage Bankers Association’s associate vice president of economic and industry forecasting. Even though mortgage rates have been below 3.2% over the past month, they are still around 20 to 30 basis points higher than the record lows in late 2020, he said.
“Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continue to hold back purchase activity,” said Kan.
HousingWire Daily examines the most compelling articles reported across HW Media. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Jones.
HousingWire articles related to this episode:
- Mortgage rates drop below 3% again
- Case-Shiller: Largest home price increase in 15 years.
- Mortgage rates rise but stay sub-3%
Below is the transcription of the interview. These transcriptions, powered by Speechpad, have been lightly edited and may contain small errors from reproduction: