Home-purchase applications plummeted 4.6% last week as higher mortgage rates weighed on demand, according to a new survey from the Mortgage Bankers Association.
Pulte Capital CEO, Bill Pulte discusses purchasing stocks for those in need and his outlook for the housing market.
A key measure of home-purchase applications tumbled last week as consumer demand cooled in the face of higher mortgage rates.fell 4.6% last week to the lowest level since February, according to new data published Wednesday. "Mortgage applications declined almost five percent last week as borrowers remained sensitive to higher rates," said Joel Kan, MBA’s deputy chief economist. "Since rates have been so volatile and for-sale inventory still scarce, we have yet to see sustained growth in purchase applications."
Demand for refinancing also continued to plunge last week, sliding another 5%, according to the survey. Compared with the same time last year, refinance applications are down more than 40%.aggressive tightening campaign. Policymakers already lifted the benchmark federal funds rate 10 consecutive times and have opened the door to another increase at their June meeting following a slew of stronger-than-expected economic data.
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