Mortgage demand continues to be immediately correlated to long-term rates of interest.
Total mortgage software quantity 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 charges remained within the 6.9% territory.
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“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.”
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