MBA: Rising mortgage rates put a damper on application volume

Applications for 30-year fixed rate rise 2.5%

Mortgage applications took a tumble for the week ending Mar.1, 2019, according to the newest data from the Mortgage Bankers Association’s weekly Mortgage Applications Survey.

MBA Senior Vice President and Chief Economist Mike Fratantoni said slightly higher mortgages rates last week led to a decrease in application volume.

“Furthermore, the average loan size for purchase applications increased to a record high, led by a rise in the average size of conventional loans,” Fratantoni continued. “This suggests that move-up and higher-end buyers have so far become a greater share of the spring market.”

On an unadjusted basis, the Market Composite index retreated 2.5% from the previous week.

Click Here For The Full Article

SUBSCRIBE TO OUR NEWSLETTER

Start receiving; press releases, commercial real estate news, information and trends on particular markets and regions.


Picture: Pixabay
Scroll to top
%d bloggers like this: