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Mortgage Demand Drops 10% Over Concerns About Tariffs, Economy

  • July 16th

by UrbanTurf Staff

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Concerns over the economy and tariffs drove interest rates higher last week and demand for mortgages fell. 

Applications to purchase a home dropped 12% week-over-week, but were 13% higher than a year ago, according to the Mortgage Bankers Association (MBA) on Wednesday. Applications to refinance dropped 7% for the week and were 25% higher than the same week one year ago.

“Purchase applications remained sensitive to both the uncertain economic outlook and the volatility in rates and declined to the slowest pace since May," Joel Kan, vice president and deputy chief economist at the MBA, said in a release. "Refinance applications also dipped because of higher rates, with refinance applications falling, led by VA refinances partially reversing their previous week’s gain, dropping 22 percent.”

See other articles related to: mortgage demand

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/mortgage_demand_drops_10_over_concerns_about_tariffs_economy/23689.

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