General World News

Higher interest rates dampen mortgage demand: MBA

Higher interest rates in recent weeks have made a dent in housing activity, bringing down mortgage demand.

Mortgage applications decreased by 5.6% on a seasonally adjusted basis during the week ending Feb. 23, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey.

“Higher rates in recent weeks have stalled activity, and last week it dropped more for those seeking FHA and VA refinances,” Mike Fratantoni, MBA’s senior vice president and chief economist, said in a statement. 

“Purchase activity is running 12% behind last year’s pace, but our January Builder Application Survey results showed details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com