Housing Market Hit Hard by High Mortgage Rates

Homebuyers retreated from the market for the week ending May 31 as they balked at high mortgage rates, sending applications for home loans plunging during what is typically the hot season for the housing sector.Applications for mortgages fell by more than 5 percent compared to the prior week, according to the Mortgage Bankers Association .

'Government purchase volume was down less, helped by growth in VA applications. The market is relying on first-time homebuyer demand, and many first-time buyers do use government lending programs,' Fratantoni added.The decline in mortgage applications echoed recent market trends that show buyers are staying out of the market amid rates that are at their highest in close to two decades.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Texas Housing Market Gets a BoostTexas has brought its housing inventory for sale back to pre-pandemic levels.
Source: Newsweek - 🏆 468. / 52 Read more »

What is it like to buy or sell a home in Jonesboro in todays housing market?Today Northeast Arkansas News spoke to one person who is selling their home and what it is like.
Source: KJNBNews - 🏆 526. / 51 Read more »

Housing Market Gets Worse for BuyersHigh mortgage rates mean buyers have to pay more in monthly payments, according to Realtor.com.
Source: Newsweek - 🏆 468. / 52 Read more »