"The average loan size for a purchase application set a record at $418,500," said Joel Kan, the Mortgage Banker's Association's associate vice president of economic and industry forecasting. "The continued rise in purchase loan application sizes is driven by high homeprice appreciation and the lack of housing inventory on the market – especially for entry-level homes."
"The slower growth in government purchase activity is also contributing to the larger loan balances and suggests that prospective first-time buyers are struggling to find homes to buy in their price range," added Kan.Overall, demand for mortgage applications increased 2.3% in the past week, according to the MBA's Weekly Mortgage Application Survey.
Refinancing took a hit in the past week as mortgage rates rose. That sent the refinance index down 3%. "Mortgage rates hit their highest levels since March 2020, leading to the slowest pace of refinance activity in over two years," said Kan. "The 30-year fixed rate reached 3.64% and has increased more than 30 basis points over the past two weeks."The rate on the 30-year fixed-rate mortgage increased from 3.52% in the prior week.
The survey covers over 75 percent of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.
HEY !!! I'M STILL IN BASEMENT.... ANYBODY GOTTA KEY ?!? - TheHappyPizzaGuy POTUS 🇺🇲🇺🇲🇺🇲 VotingRightsAct USHistory
Why not talk about the Trump crime family. That would be great to see some truth come out of this Network.
The result👺of a century of marxistic war to the 'bad capitalist'😱😱😱 Now every communist is creating his own Business Banks and Finance beginning by China😱 Watch the 💀stupend😱😱😱result‼️💀
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Daily_Forex - 🏆 567. / 51 Read more »