General World News

Refi interest is down 52% from last year

Mortgage applications decreased 8.1% from the previous week, a response to an uptick in mortgage rates, according to the Mortgage Bankers Association (MBA) survey for the week ending Feb. 4. The seasonally adjusted refi index fell 7.3% while the purchase index dropped 9.6%.

Compared to the same week one year ago, mortgage apps overall dropped 39.6%, with a sharp decline in refi (-52%) compared to purchase (-11.4%).

The higher rate environment has already started to take its toll on production for originators. Multichannel shops NewRez, Pennymac and loanDepot have all reported details ⇒

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