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High Interest Rates Continue to Stall Mortgage Demand

  • April 3rd

by UrbanTurf Staff

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Mortgage demand continues to be directly correlated to long-term interest rates. 

Total mortgage application volume fell 0.6% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday. It was the second week in a row the mortgage demand hardly moved, as 30-year mortgage rates remained in the 6.9% territory. 

“Elevated mortgage rates continued to weigh down on home buying," said Joel Kan, MBA’s Vice President and Deputy Chief Economist. "Purchase applications were unchanged overall, although FHA purchases did pick up slightly over the week. Refinance applications decreased to fall 5 percent below last year’s pace.”

See other articles related to: mortgage demand

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/high_interest_rates_continue_to_stall_mortgage_demand/22153.

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