Mortgage rates stopped their downward spiral 2 weeks ago, and it seems homebuyers are taking notice
Total mortgage applications dropped 10.1% over the last week, with refinance applications decreasing the most, according to the Mortgage Bankers Association. Refinancing dipped 15% from last week, while purchase applications dipped just 3%.
It’s not all bad news for homebuyers, though. Yesterday’s House Price Index from the Federal Housing Finance Agency show prices trending upward—but at a much slower pace than last year . In some cities, like New York, Los Angeles, and Washington, D.C., prices even declined. The stats indicate a promising market lies ahead, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting.
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