#mortgage-rates

#mortgage-rates

Remortgaging offers opportunities to save on monthly payments by replacing high rates, like Standard Variable Rates, with better mortgage deals available in the market.

The refinance index decreased 7% from the previous week but was 25% higher compared to the same week last year, while refinance share rose to 41.1%.

The new Dashboard is a tool that enables NAR members to stay ahead of the market and better serve their clients, equipping them with insights into shifts in affordability, demand, and the economy.

Mortgage rates are now at their lowest level in over two years, which is obviously good news for prospective first-time buyers and those looking to switch their mortgage over the coming months.

Just last week, mortgage rates improved by 0.25% due to the weakest private-sector jobs report in over a year, indicating a nuanced economic reality.

"Oil prices rose initially, but have since retreated. It seems investors are still in wait-and-see mode—waiting to see whether there is an escalation of tensions."

Mortgage rates have remained stable amidst fluctuating economic conditions, with forecasts suggesting ranges between 5.75% and 7.25%, indicating a calmer market this year.

On an unadjusted basis, the index decreased 4% compared with the previous week, but the refinance index was 25% higher than the same week last year.

The Mortgage Credit Availability Index (MCAI) rose 2.1% in May to 105.1, indicating a loosening of credit supply. Government loan supply increased by 2.9% to its highest level since November 2022, driven by more FHA and VA adjustable-rate mortgages.