Interest in residential mortgage loans fell 6.25% for the week ending April 1 as rates jumped yet again, ever nearer to 5%, according to the Mortgage Bankers Association‘s latest survey.
Refinance applications are in a free fall, as few borrowers these days have an incentive to change their current loans rates. Additionally, home price appreciation and insufficient for-sale inventory are holding back purchase activity.
According to the MBA, refi applications fell 10% from the prior week and 62% from a year ago. Meanwhile, the seasonally adjusted purchase index decreased 3.4% from the prior week and was down 9% details ⇒
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