Tagged: Mortgage Bankers Association (MBA)
Refi manages to hold steady week-to-week but still shows major year-over-year drop.
The national median payment applied for rose from $1,653 in February to $1,736 in March.
The recent decrease in purchase applications is an indication of potential weakness in home sales in the coming months.
Regardless of new or existing, data shows loan averages hitting record peaks
Rapid rise in mortgage rates slows purchase originations and refinances.
Some segments showed improvement in March 2022
Minor increase in purchase applications seen as positive development.
MBA’s new monthly index tracks what homebuyers can afford based on application data.
MBA economist: With mortgage rates now at 4.5%, “it is no surprise that refinance volume has dropped by more than 50% compared to this time last year.”