Mortgage Applications for the current week fall

The mortgage applications fell 16.2% for the current week. The refinancings fell 24.1% which is indicative of the higher rates for mortgages – up to 5.25% from 4.81%. It is likely that since rates were low for quite some time, most who could qualify for lower mortgage rates, did so. As a result the benefit has likely been realized.
The good news is the purchase index gained by 4.3% which is good news for supply.

Overall, although the number is shocking from a percentage decrease perspective, the report is a positive .




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