Reported 4 months ago
Mortgage demand hit its lowest level since early March as applications decreased by 5.7% on a seasonally adjusted basis during the week ending May 24, with the 30-year fixed mortgage rate rising to 7.05%. The decrease in applications was attributed to the rate increase, with both purchase and refinance applications falling, according to the Mortgage Bankers Association’s weekly survey. Purchase loan application volume dropped by 1%, while refinance applications fell by 14% week over week, impacting overall activity.
Source: YAHOO