Home-purchase applications tumbled last week to the lowest level in nearly three decades as high interest rates and limited availability weighed on demand.
A key measure of home-purchase applications tumbled last week to a nearly three-decade low as consumer demand cooled sharply amid a recent spike in mortgage rates. The Mortgage Bankers Association's index of mortgage applications fell 6.9% last week to the lowest level since 1995, according to new data published Wednesday. The data also showed that the average rate on the popular 30-year loan climbed for the sixth straight week to 7.7%, the highest level since November 2000.
The steep rates weighed heavily on housing demand, with applications for a mortgage to purchase a home also tumbling 5% for the week. Application volume is down 21% compared with the same time last year. Demand for refinancing also fell further last week, sliding another 10%, according to the survey. Compared with the same time last year, refinance applications are down 12%. "Refinance activity was at its lowest level since early 2023," Kan said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Zombie mortgage' a nightmare for Carson couple facing threat of losing their homeA Carson couple may lose their home over a 'zombie mortgage' - or a loan they had been told was written off years ago.
Read more »
You must earn $115,000 to afford the ‘typical’ house in U.S. — $40,000 more than typical household, Redfin reportsA $420,000 home with a 7.57% mortgage rate — the current average — puts the typical U.S. homebuyer’s monthly mortgage payment at more than $2,800.
Read more »
California homebuyers must earn this much to afford a typical homeSkyrocketing mortgage rates and rising home prices have made it harder than ever to afford a home, especially for first-time buyers.
Read more »
Today’s mortgage rates fall for 30-year terms, while 15-year rates riseMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Read more »
Today’s mortgage rates for 15-year terms plunge as 30-year rates riseMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Read more »
The housing market's fastest slowdown on record in 5 chartsHow the Fed’s interest rate hikes have elevated mortgage payments and dried up home buyer demand, as home prices remain high.
Read more »