With rising mortgage rates, mortgage applications dropped 3 percent last week, moving to their lowest level since November 2011, the Mortgage Banker’s Association reports.
Applications for refinancings—which make up the biggest bulk of MBA’s index—dropped 2 percent from the previous week. However, applications for home purchases edged up 2 percent. Purchase applications—viewed as one of the leading indicators of future home sales—are now 16 percent higher than they were a year ago, MBA reports.
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“Mortgage rates increased by the most in a single week since 2011, and refinance application volume dropped to its lowest level in almost two years,” says Mike Fratantoni, MBA’s vice president of research and economics. “However, applications for conventional purchase loans picked up… indicating that homebuyers are not yet dissuaded by the increase in mortgage rates.”
[caption id="attachment_1925" align="aligncenter" width="199"] Lee Prescott - Fort Wayne REALTOR[/caption] North Eastern Group Realty is proud to welcome Lee Prescott! Lee is married to Sarah and they have two boys, Ethan and Jack. Lee began his work in real estate as a branch manager for PNC Bank in Churubusco, IN. While working at PNC Bank...
A great time was had by all at the 2nd annual North Eastern Group Realty movie night at the Jefferson Pointe Carmike. Clients were invited by their North Eastern Group Realtors to watch the Superman movie to thank them for their business and/or referrals, both of which are compliments that we do not take for...