Boston Real Estate: Mortgage Applications
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Boston Real Estate: Mortgage Application are on the rise, but so are mortgage interest rates.
The average contract interest rate for a 30-year fixed-rate mortgage with a conforming loan balance hit its highest level of the year last week.
Mortgage activity increased anyways, suggesting homebuyers and homeowners are concerned rates aren’t done rising.
Applications for mortgage purchases and refinancings rose 3.3 percent on a seasonally adjusted basis from the prior period for the week ending on Apr. 12, according to the weekly Mortgage Bankers Association survey. The average rate for a 30-year fixed-rate mortgage increased too, from 7.01 percent to 7.13 percent.
Purchase-loan applications increased 5 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis, it rose 6 percent from the previous week, but was 10 percent below last year’s activity.
The refinancing index, meanwhile, increased a minimal 0.5 percent from the previous week and 11 percent year-over-year.
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Boston Real Estate: Mortgage Applications
After weeks of low mortgage demand, applications are on the rise nationwide.
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Boston Real Estate: Mortgage Applications
A key measure of home-purchase applications fell last week for the first time in a month as potential buyers struggled to find listings on the market amid a lack of supply.
The Mortgage Bankers Association’s index of mortgage applications tumbled 4.1% last week compared with the previous week, according to new data published on Wednesday. Demand remains 35% lower than the same time one year ago.
“Spring has arrived, but the housing market is missing the customary burst in listings and purchase activity that typically mark the season,” said Mike Fratantoni, MBA’s chief economist. “After four weeks of increasing purchase application activity, volume declined a bit this week even with another small drop in mortgage rates.”
Source: Yahoo News
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Boston Real Estate: Mortgage Applications
Mortgage applications are at the lowest in the 21st century. Watch this video for more Boston condo information
Mortgage application for home for sale has dropped to over 20% from this time last year. Other findings.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.80% last week from 5.65% the previous week.
Mortgage applications to purchase a home dropped 2% for the week and were 23% lower than the same week one year ago.
The refinance share of mortgage activity decreased to 30.3% of total applications from about 66% a year ago.
After falling back earlier this month, mortgage rates began rising sharply again to the highest level since mid-July. That caused mortgage demand to pull back even further.
Total mortgage application volume fell 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 63% lower than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.80% from 5.65%, with points rising to 0.71 from 0.68 (including the origination fee) for loans with a 20% down payment. That rate was 3.11% one year ago.
As a result, refinance demand, which is highly sensitive to weekly rate moves, fell another 8% for the week and was 83% lower than the same week one year ago. The refinance share of mortgage activity decreased to 30.3% of total applications from about 66% a year ago.
Boston Real Estate Blog Updated 2022
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Boston Real Estate: Mortgage Applications
The volume of mortgage applications to purchase a home dropped to the lowest level in months nationwide. That could potentially signal waning demand in the Boston housing market, says the trade group that collects the data.
Nation real estate mortgage applications drop
Slowing a lack of available homes and slowing demand could damp the housing market’s early recovery.
