Purchase Volume Continues to Drop
With mortgage rates at levels not seem in 30 years they continues to weigh on demand for Mortgages. While applications for refinancing ticked up from the previous week, overall mortgage volume fell again. With some markets getting hit harder then others there as been a considerable rebalancing of the red hot real estate market seen in the last few years. Prices seem to be holding up but only time will tell if rates continue to rise further suppressing retail mortgage demand or if rate cuts will spur a new wave of home buyers and refinances.
Source: Mortgage News Daily
Credit: Jann Swanson
