Mortgage applications down 2.3% led by drop in purchases

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U.S Mortgages – Rates Hit Reverse with Interest Mortgage rates hit reverse last week and could see a further downside if the FED delivers a hawkish outlook on Wednesday.

Buy-to-let returns down 2.3% on a year ago. Market data for buy-to-let property purchases with a mortgage in the second half of 2017 showed transactions remaining broadly stable at 38,4003, up.

Mortgage application activity was virtually flat from one week earlier, down just 0.1%, although there was a huge gain in Federal Housing Administration refinance volume, according to the Mortgage Bankers Association.

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Oil prices dipped another 10%, now down more. been a significant drop-off in home buyer demand since late summer, corresponding with the recent leg higher in mortgage rates. The growth rate in.

MBA Mortgage Applications. Overall mortgage applications were down 3.3% last week including a 1% drop in purchase applications and a 6% drop in applications to refinance. Despite this, year-over-year growth has been strong for this metric, up 7% overall. This has been helped by wall mortgage rates, which were flat last week at 4.33% for a.

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications wednesday morning, noting an increase of 2.3% in the group’s seasonally adjusted composite index for.

Mortgage applications down 2.3% led by drop in purchases Mortgage applications rise 1.4% even as government mortgages drop Trey Garrison was a Senior Financial Reporter for HousingWire.com.

What these numbers reveal, is that the average US consumer can barely afford to take out a new mortgage at a time when rates continued to rise – if not that much higher from recent all time lows. It also means that if the Fed is truly intent in engineering a parallel shift in the curve of 2-3%, the US can kiss its domestic housing market goodbye.

Mortgage applications to purchase a home fell 3% for the week but were 6% higher than a year ago. The shift may be less about rates and more about what kind of homes are for sale and at what price.

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A flood of reports this week, led by job creation in April. Yet the surprising weakness lately in home purchases and mortgage applications has raised alarms about the housing market retreating just.

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