Higher mortgage interest rates are hitting homebuyer affordability hard, and that is showing up in a sharp drop in mortgage applications.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.49% from 5.53%
Mortgage applications to purchase a home fell 12% week to week and were 15% lower compared with the same week one year ago.Mortgage rates actually fell slightly last week, but the damage has already been done to housing affordability. Both refinance and purchase loan demand dropped, pulling total mortgage application volume down 11% for the week, according to the Mortgage Bankers Association's seasonally adjusted index.
Mortgage applications to purchase a home declined 12% week to week and were 15% lower compared with the same week one year ago. That was the first weekly drop in homebuyer demand since the third week in April. Mortgage rates have risen over 2 full percentage points since the start of the year, and home prices are up more than 20% from a year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 5.49% from 5.53%, with points increasing to 0.74 from 0.73 for loans with a 20% down payment. Stay informed during the severe weather season with our local news and weather app. Get the NBC 5 Chicago app for
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Continues Weekly Losing Streak, But There May Be Hope | CoinMarketCapBitcoin is now 0 for 7 green candles in the last seven weekly closes — the first time it has closed seven straight weeks in the red 😱 However, indicators point that some whales are accumulating in this zone 🐳
Read more »
AUD/USD Price Analysis: Weekly ascending channel tests bears above 0.7000AUD/USD Price Analysis: Weekly ascending channel tests bears above 0.7000 By anilpanchal7 AUDUSD Technical Analysis ChartPatterns SwingTrading SupportResistance
Read more »
Chester County couple still fighting insurer over Hurricane Ida damage | Weekly Business NewsletterDaily News | Chester County couple still fighting insurer over Hurricane Ida damage | Weekly Business Newsletter
Read more »
Wall Street ends sharply higher, fueled by AppleWall Street finished sharply higher on Tuesday, lifted by Apple, Tesla and other megacap growth stocks after strong retail sales in April eased worries about slowing economic growth.
Read more »
Memorial Day travel expected to be 'taking off' despite higher prices, AAA projectsMemorial Day travel is forecast to increase by over 8% from last year despite inflation and the highest gas prices on record.
Read more »