Lower interest rates fail to boost a sagging housing market as prospective buyers and refinancers stay on the sidelines.
Tagged: Mortgage Applications
Refinances and home purchases increase while yearly comparisons remain gloomy.
Elevated interest rates and housing market challenges deter potential buyers; ARM applications see a rise as homebuyers weigh options.
MBA weekly index says applications dipped 0.8% from one week earlier.
Rising interest rates and low inventory fuel decline in mortgage applications, with 30-year fixed mortgage rate hitting highest level since 2002.
MBA says drop due to rising rates and declining inventory.
Average purchase loan size surges to a high of $432,700 since May-end amid persistent affordability challenges.
A decline in mortgage rates mostly boosted refinance applications.
MBA's Market Composite Index rose 0.9%, despite interest rates rising above 7%.
MBA says applications down 4.4% last week after 2 straight increases, as the 30-year mortgage rate rose.