A key measure of home-purchase applications fell to a three-month low as mortgage rates started to rise again. The Mortgage Bankers Association's index of mortgage applications slid 5.7% for the week ended May 24, according to new data published Wednesday. The data also showed that the average rate on the popular 30-year loan rose to 7.05% last week from the previous level of 7.01%. While that is down from a peak of 8% in October, it marks the highest level for interest rates in a month.
Application volume is down 10% compared with the same time last year. Demand for refinancing also fell last week, tumbling 14% from the previous week, according to the survey. Compared with the same time last year, refinance applications are up 12%.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Weekly mortgage refinance demand rose 5% after a slight dip in mortgage ratesMortgage rates are significantly higher than they were at the start of 2024, they pulled back slightly last week but several weeks of straight increases.
Source: CNBC - 🏆 12. / 72 Read more »
Today's 30-year mortgage rates plummet while 15-year mortgage rates riseMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Today's 30-year mortgage rates rise while 15-year mortgage rates dropMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Today's 15-year mortgage rates drop while 30-year mortgage rates stay the sameMortgage rates fluctuate almost daily based on economic conditions. Here are today’s mortgage rates and what you need to know about getting the best rate.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Weekly mortgage demand drops to three-month low, as rates begin climbing againAfter a brief pullback during much of May, mortgage rates began rising again last week.
Source: CNBC - 🏆 12. / 72 Read more »
Mortgage Rates May 2024: Housing Market Prediction for This MonthBorrowing costs for home loans have been elevated and discouraged activity in the housing market.
Source: Newsweek - 🏆 468. / 52 Read more »