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-0.000891265597147931 -0.000891265597147931 -0.000891265597147931 0.0016755793226382 0.00267379679144395 0.00623885918003568 0.0124777183600714 0.0142602495543672
Stock impact report

Bank of America mortgage applications jumped 80% in Q1, executive says [Yahoo! Finance Canada]

UWM Holdings Corporation Class A (UWMC) 
The yield dipped to about 3.6% in September, the lowest since June 2023, which pushed down the 30-year mortgage rate to 6.1% in early October. The interest rate on a 30-year mortgage is currently at 6.7%, still below the 7% a year earlier, according to LSEG's data based on the Mortgage Bankers Association's average fixed 30-year contract rate. "We're seeing more inventory come into the market, which ultimately leads to some stability and ultimately growth from a mortgage perspective," BofA's Vernon said. "With rates remaining steady or slowly declining, we are seeing more demand from a buyer perspective than we saw in the previous years." Interest in mortgage refinancing is also picking up, but about 80% of the bank's mortgages currently have interest rates below 6%, so mortgage rates would have to slide further below that to spur more demand. "Below 6% we would see very meaningful pickup from a rate perspective," he said. U.S. existing home sales unexpectedly increased in Show less Read more
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