A rate index published by Mortgage News Daily shows rates on 30-year fixed mortgages averaging 7.14 percent on Tuesday.
Join industry visionaries Pete Flint, Spencer Rascoff, Ryan Serhant and more at Inman Connect New York, Jan. 24-26. Punch your ticket to the future by joining the smartest people in real estate at this must-attend event. Register here.
Demand for mortgages weakened again last week as mortgage rates resumed their climb toward 7 percent, according to a weekly survey of lenders by the Mortgage Bankers Association.
The MBA’s weekly mortgage applications survey shows demand for purchase loans dropped by a seasonally adjusted 2 percent last week compared to the week before and was down 39 percent from a year ago. Requests to refinance were down 2 percent from the week before and 86 percent from a year ago.
Mike Fratantoni
“Mortgage rates moved higher once again during the first week of the fourth quarter of 2022, with the 30-year conforming rate reaching 6.81 percent, the highest level since 2006,” said MBA Chief Economist Mike Fratantoni, in a statement. “Application volumes for both refinancing and home purchases declined and continue to fall further behind last year’s record levels. The news that job growth and wage growth continued in September is positive for the housing market, as higher incomes support housing demand. However, it also pushed off the possibility of any near-term pivot from the Federal Reserve on its plans for additional…
