- Mortgage applications to purchase a home and for refinancing barely budged last week, the Mortgage Bankers Association reported. Economists are blaming the stall in loan demand on rising interest rates and rising home prices.
- Total mortgage application for refinances and home purchases decreased 0.4 percent last week compared to the previous week on a seasonally adjusted basis, the MBA reported. Volume is now 24 percent lower than a year ago. Interest rates are also significantly higher than a year ago too.
- The higher interest rates are prompting fewer homeowners to have incentive to refinance. Refinance applications have now plunged 40 percent compared to a year ago.
- Mortgage applications to purchase a home did manage to move 1 percent higher for the week. They are nearly 5 percent higher than a year ago. However, home sales have been weakening for five of the past six months. Economists blame the shortage of homes for sale and higher prices for hampering buyer interest.
- The MBA reports the average 30-year fixed-rate mortgage rose to 4.12 percent last week, up from 4.11 percent the week prior.