Mortgage Credit Availability Drops Again, Leaving Borrowers High and Dry
Tagged: Mortgage Bankers Association (MBA)
Economists tell real estate editors to expect some improvement in the housing market in 2024.
Trend continued despite drop in mortgage rates from recent high.
The MBA's Market Composite Index fell 3.7% on a seasonally adjusted basis, the third-straight weekly decline.
Monthly update for May forecasts mild recession starting in Q2.
MBA's affordability index finds mortgage application payments rose 0.9% to $2,112.
The MBA's Market Composite Index decreased 4.6% on a seasonally adjusted basis as mortgage rates rose again.
CEO Bob Broeksmit calls for sensible Regulation, clarity, and support for the mortgage industry.
Applications in April fell 11% from March, but were up from a year earlier for the third straight month.
32% of companies were profitable in Q1, up from 25% in Q4.