Boston real estate mortgage applications stall as interest rates rise
Boston Real Estate
Boston real estate mortgage applications stall as interest rates rise.
Mortgage applications plunged as home loan rates jumped to their highest in two months, according to the Mortgage Bankers Association (MBA), scaring away buyers who are struggling to afford homes amid elevated prices due to low supply of properties available in the market.
The 30-year fixed rate mortgage rose to a little over 7 percent for the week ending February 16 from about 6.90 the previous week, sending applications for home loans down by close to 11 percent, the MBA said on Wednesday. Meanwhile, refinancing also slowed as the index tracking that side of the business dropped 11 percent.
Updated: Boston Real Estate Blog 2024
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Boston real estate mortgage applications stall as interest rates rise.
Higher mortgage rates continue to take their toll on mortgage demand, especially for refinancing.
Total mortgage application volume dropped 0.8% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
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Boston real estate mortgage applications stall as interest rates rise
