Reported 3 days ago
Last week saw a significant drop in mortgage applications for new home purchases and refinancings, attributed to a rise in mortgage rates caused by market volatility. The Mortgage Bankers Association reported a 5% decrease in purchase applications and a 12% drop in refinancing requests. This decline coincides with rising economic uncertainty and fluctuating rates, which are likely making potential buyers more cautious. Meanwhile, the average 30-year fixed mortgage rate increased to 6.88%, prompting more buyers to seek adjustable-rate mortgages.
Source: YAHOO