Mortgage applications drop 4% on higher rates in latest MBA survey
Mortgage applications fell 4.2% on a week-over-week, seasonally adjusted basis in the week ended May 21, while the 30-year fixed mortgage rate rose to 3.18% from 3.15%, the Mortgage Bankers Association said, citing its Market Composite Index.
On an unadjusted basis, the index slid 4%.
The refinance index, meanwhile, fell 7% from the previous week and was down 9% from the same week a year ago.
The seasonally adjusted purchase index rose 2% from the previous week, while the unadjusted purchase index was up 1% on a weekly basis and down 4% on yearly basis.
“Demand is robust throughout the country, but homebuyers continue to be held back by the lack of homes for sale and rapidly increasing home prices,” MBA Associate Vice President of Economic and Industry Forecasting Joel Kan said in a release.
The post Mortgage applications drop 4% on higher rates in latest MBA survey appeared first on Boston Agent Magazine.
FIRST TIME HOMEBUYERS
Tags used in this real estate lawyer news blog post:
#Closing #Attorney #Boston #ClosingAttorney #ma #RealEstate #HomeBuying #Attorney #Lawyer #Law
McDevitt Law Group strives to provide the highest quality real estate law and estate planning services, and we have for almost 40 years. As a small law firm, we pride ourselves on providing personal attention to your case and providing the highest quality representation. Call us today, or use the contact form below.
Barnstable County | Bristol County | Duke County | Essex County | Middlesex County | Nantucket County | Norfolk County | Plymouth County | Suffolk County
Just click on the Phone Number to dial on your phone: