Rising rates continue to dissuade consumers from refinancing which has dragged down total mortgage demand by 2.8%, according to the Mortgage Bankers Association…(MBA)
- REFI demand fell 5% according to the Refinance Index which is 31% lower than the same week one year ago.
- PURCHASE demand was actually up 2% according to the Purchase Index but was still 6% lower than the same week one year ago.
NOTE: The refinance share of mortgage activity has decreased 6 basis points to 62.9% of total applications.
Mortgage rates continued their climb, after a two week reprieve, for the week ending November 12th…
- 30-YR FIXED average contract interest rate was up 4 basis points to 3.20% which is up 8 basis points from the same time one year ago.
- 15-YR FIXED average contract interest rate was up 4 basis points to 2.56% which is down 3 basis points from the same time one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said despite a decline in demand for applications the housing market remains strong…
- “Purchase applications increased for both conventional and government loan segments, as housing demand continues to show resiliency at a time – late fall – when home buying activity typically slows.“