403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Mortgage volumes increase, reducing demand as fewer Americans refinance
(MENAFN) This week, mortgage rates rose, causing a decline in demand as many Americans hesitated to refinance.
According to Freddie Mac's latest Primary Mortgage Market Survey, released on Thursday, the average rate for a standard 30-year fixed mortgage increased to 6.72 percent, up from 6.6 percent the previous week. A year ago, the rate stood at 6.67 percent.
"This week, mortgage rates edged up to a level similar to this time last year," stated Sam Khater, the chief economist at Freddie Mac. "Over the past 12 months, mortgage rates have generally fluctuated between 6 and 7 percent. Homebuyers are gradually adjusting to these higher rates and becoming more open to proceeding with home purchases, leading to an uptick in purchasing activity."
The average rate for a 15-year fixed mortgage rose to 5.92 percent, up from 5.84 percent last week. A year ago, the rate was slightly higher at 5.95 percent.
On Wednesday, the Mortgage Bankers Association (MBA) reported a 0.7 percent decrease in overall mortgage applications on a seasonally adjusted basis compared to the previous week. This drop was attributed to the rate hike, which resulted in a 3 percent decline in refinancing applications.
According to Freddie Mac's latest Primary Mortgage Market Survey, released on Thursday, the average rate for a standard 30-year fixed mortgage increased to 6.72 percent, up from 6.6 percent the previous week. A year ago, the rate stood at 6.67 percent.
"This week, mortgage rates edged up to a level similar to this time last year," stated Sam Khater, the chief economist at Freddie Mac. "Over the past 12 months, mortgage rates have generally fluctuated between 6 and 7 percent. Homebuyers are gradually adjusting to these higher rates and becoming more open to proceeding with home purchases, leading to an uptick in purchasing activity."
The average rate for a 15-year fixed mortgage rose to 5.92 percent, up from 5.84 percent last week. A year ago, the rate was slightly higher at 5.95 percent.
On Wednesday, the Mortgage Bankers Association (MBA) reported a 0.7 percent decrease in overall mortgage applications on a seasonally adjusted basis compared to the previous week. This drop was attributed to the rate hike, which resulted in a 3 percent decline in refinancing applications.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Most popular stories
Market Research
More Story
Comments
No comment