Mortgage Applications Decline Most in Four Years
Talk to an optimistic realtor, they will say the markets recovering... talk to the Naybob he natters what Michael Gregory, senior economist at BMO Capital Markets sez:
"There's really no end in sight to the declines we're seeing," in housing.
Who is right? After all those Fed cuts (225 bps) survey sez rates going up...
The average rate on a 30-year fixed-rate loan rose to 6.09 percent, the highest since the week ended Dec. 21, the MBA said, from 5.72 percent the prior week.
Survey sez loan applications plunging...
Mortgage applications in the U.S. dropped by the most in more than four years as the highest mortgage rates in two months weakened demand for home buying and refinancing.
The Mortgage Bankers Association's index of applications to buy a home or refinance a loan fell 23 percent to 822.8 from 1063.5 a week earlier.
Today's report showed the share of applications for refinancing fell to 62 percent.
The group's refinancing gauge plunged 28 percent, the most in more than three years, and the purchase index declined 12 percent.
Concerns about the slowing economy as well as the perception that home prices will continue to decline are keeping potential buyers from purchasing and may continue to drag down sales in coming months.
Hattip to Bloomberg .
"There's really no end in sight to the declines we're seeing," in housing.
Who is right? After all those Fed cuts (225 bps) survey sez rates going up...
The average rate on a 30-year fixed-rate loan rose to 6.09 percent, the highest since the week ended Dec. 21, the MBA said, from 5.72 percent the prior week.
Survey sez loan applications plunging...
Mortgage applications in the U.S. dropped by the most in more than four years as the highest mortgage rates in two months weakened demand for home buying and refinancing.
The Mortgage Bankers Association's index of applications to buy a home or refinance a loan fell 23 percent to 822.8 from 1063.5 a week earlier.
Today's report showed the share of applications for refinancing fell to 62 percent.
The group's refinancing gauge plunged 28 percent, the most in more than three years, and the purchase index declined 12 percent.
Concerns about the slowing economy as well as the perception that home prices will continue to decline are keeping potential buyers from purchasing and may continue to drag down sales in coming months.
Hattip to Bloomberg .
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