and mortgage rates already rising this year, there are indications consumers are pulling back from applying for a mortgage or refinance.
Mortgage applications fell 13.1% for the week ending February 23 compared to the previous week—their lowest level since December 2019, according to the Mortgage Bankers Association . Similarly, applications to refinance were down 16% from the previous week and less than half the levels from a year ago.
“In a hyper-competitive market, I think that even small changes in interest rates will significantly impact the purchase power of buyers who have struggled to be qualified,” she says.
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