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0 -0.00267141585040066 -0.0017809439002671 0 0.00356188780053437 0.00534283170080147 0.00534283170080147 0.0133570792520036
Stock impact report

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

UWM Holdings Corporation Class A (UWMC) 
Company Research Source: Yahoo! Finance
of consumer lending said, as buyers were tempted by increasing home inventory and lower long-term bond yield. "We're seeing a steady increase in home buying activity, and it's beyond what we would normally see from a seasonality perspective," Matt Vernon, head of consumer lending at the second-biggest U.S. lender, told Reuters. "We've seen an 80% increase in our applications from January to now, and normally we would see around the 60% increase."The drop last fall in U.S. 10-year bond yields, which is a benchmark for mortgage rates, encouraged more buyers to return to the market, he said. 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, Show less Read more
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