Mortgage Applications Dip Again Despite Declining Rates
2 hr 28 min in the past
The quantity of mortgage purposes dipped once more final week, regardless of rates of interest on home loans shifting decrease, information from the Mortgage Bankers Association (MBA) confirmed Wednesday.
Mortgage purposes for the week ending March 22 have been decrease by 0.7% from the prior week. It’s the second straight week mortgage purposes declined, as potential homebuyers weren’t drawn in by a drop within the 30-year mounted mortgage fee to six.93%.
Loan purposes for home purchases and refinancing have been decrease, with the Purchase Index coming in 16% decrease than the identical week from a 12 months in the past.
“Homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market,” stated Joel Kan, MBA vp and deputy chief economist. “Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6% by the end of the year.”
-Terry Lane