General World News

Mortgage rates drop but not low enough to spur lending 

Mortgage rates trended down in July from their peak above 6% in June, but that wasn’t enough to spur mortgage lending activity.

Rate lock volume in July fell 14.4% from June, marking four straight months of decline, according to Black Knight‘s originations market monitor report. The decline was led by 16.9% drop in rate/term refinance locks, which are down 93.6% since last year. Cash-out refinancings dropped by 14.1% from June, and 67.2% year-over-year dip. 

The report pointed to refis dwindling as rates rose more than two percentage points from the beginning of the year. The refi share of details ⇒

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