Housing Market Update: Mortgage Rates Keep Buyers at Bay

A jump in mortgage rates helped push down applications for home loans for the week ending March 15, according to the Mortgage Bankers Association , signaling how rates are key in shaping activity in the housing market.The average contract rate for a 30-year fixed rate for a loan worth at least $766,550 increased to nearly 7 percent after falling below that level recently. The rise discouraged buyers, with mortgage applications falling 1.6 percent.

'Mortgage rates increased last week as incoming data showed inflation was still hotter than expected, which stoked concerns about the timing and extent to which the Fed might be able to reduce the fed funds rates this year,' Joel Kan, the MBA's deputy chief economist, said in a statement shared with Newsweek.'After three weeks of declines, the 30-year fixed mortgage rate increased to 6.97 percent.

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Housing Market Update: Are Sellers Returning to the Market?Listings jumped in February to their highest levels in more than a year, according to Redfin on Friday.
Fonte: Newsweek - 🏆 468. / 52 Consulte Mais informação »

Home Price Cuts Slow as Housing Market Takes a TurnHome builders appear to be feeling more confident about the housing market amid mortgage rate declines.
Fonte: Newsweek - 🏆 468. / 52 Consulte Mais informação »

Housing Market Update as Rental Prices DropRent prices are leveling off as the number of available apartments grows across the country.
Fonte: Newsweek - 🏆 468. / 52 Consulte Mais informação »