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Mortgage volumes rise again, affecting demand further
(MENAFN) Mortgage volumes rose steadily for the sixth consecutive week, whereas purchase demand keeps dropping in the stagnant housing market.
Freddie Mac’s recent Primary Mortgage Market Survey, released on Thursday, revealed that the average volume on the benchmark 30-year fixed mortgage increased to 6.79 percent from past week’s reading of 6.72 percent. The average volume on a 3o-year loan was 7.50 percent before a year.
Sam Khater, Freddie Mac’s head economist, stated that "It is clear purchase demand is very sensitive to mortgage rates in the current market environment," adding that “As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10 percent."
Lots would-be purchasers and sellers are hesitating to see if volumes drop further. Nowadays, around 80 percent of mortgage holders have a volume under 5 percent, based on a Zillow survey.
Freddie Mac’s recent Primary Mortgage Market Survey, released on Thursday, revealed that the average volume on the benchmark 30-year fixed mortgage increased to 6.79 percent from past week’s reading of 6.72 percent. The average volume on a 3o-year loan was 7.50 percent before a year.
Sam Khater, Freddie Mac’s head economist, stated that "It is clear purchase demand is very sensitive to mortgage rates in the current market environment," adding that “As soon as rates began to rise in early October, purchase applications fell and over the last month have declined 10 percent."
Lots would-be purchasers and sellers are hesitating to see if volumes drop further. Nowadays, around 80 percent of mortgage holders have a volume under 5 percent, based on a Zillow survey.
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