According to The Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage loan applications fell 7.5 percent last week. The average contract interest rate for 30-year fixed-rate mortgages increased to 4.92 percent from 4.80 percent the week before, causing a 10.1 percent drop in the Refinance Index. The Purchase Index was down just 1.7 percent. Michael Fratantoni, MBA’s vice president of research and economics, said the rise in rates caused a predictable response in refinance volume, while purchase volume remained flat as the market enters its peak home buying season. More here and here.
Theresa Springer’s Blog
Mortgage Loan Activity Drops As Rates Rise
March 30, 2011
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