The MBA’s seasonally adjusted Purchase Index, which gauges mortgage applications for single-family homes, plunged 18% from a week ago, while the unadjusted index fell 4% from a week ago and 41% from this time last year, the MBA said on Wednesday morning.The decline came as mortgage rates surged. The average rate for a 30-year fixed-rate mortgage jumped by nearly a quarter percentage point to 6.62%, the highest rate since November.
“The increase in mortgage rates has put many homebuyers back on the sidelines once again, especially first-time homebuyers who are most sensitive to affordability challenges and the impact of higher rates,” Kan added.
Don't go chasin
Thanks, Joe Biden.
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