Demand for mortgage loans declined last week as the markets continue to exert pressure on rates. With the 30-year fixed-rate hovering above the 6% level again, there’s no sign of a rebound in applications yet, despite a robust job market and growing housing inventory.
The market composite index, a measure of mortgage loan application volume, fell 0.8% for the week ending Sep. 2, compared to the previous week, according to the Mortgage Bankers Association (MBA). It was also down 63.4% compared to the same week in 2021.
“Mortgage rates moved higher over the course of last week as markets continued to re-assess the details ⇒
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