URL has been copied successfully!
Mortgage demand tanked for the second straight week as higher interest rates slowed homebuying and refinancing activity, new industry data show.
For the week ended March 20, total mortgage application volumes declined by 10.5 percent, according to figures from the Mortgage Bankers Association released on March 25.
Applications also fell, by 10.9 percent, during the previous week.
The index for refinancing tumbled by 15 percent while applications to purchase a home decreased by 5 percent.
Weaker mortgage market activity was driven by rising interest rates and affordability constraints, says Joel Kan, deputy chief economist and vice president of the Mortgage Bankers Association.
“The threat of higher for longer oil prices continued to keep Treasury yields elevated, and mortgage rates finished last week higher,” Kan said in a news release….
For the week ended March 20, total mortgage application volumes declined by 10.5 percent, according to figures from the Mortgage Bankers Association released on March 25.
Applications also fell, by 10.9 percent, during the previous week.
The index for refinancing tumbled by 15 percent while applications to purchase a home decreased by 5 percent.
Weaker mortgage market activity was driven by rising interest rates and affordability constraints, says Joel Kan, deputy chief economist and vice president of the Mortgage Bankers Association.
“The threat of higher for longer oil prices continued to keep Treasury yields elevated, and mortgage rates finished last week higher,” Kan said in a news release….
Please follow us:
