Mortgage applications to purchase a home rose 1% last week but were 30% lower than the same week one year ago. Buyers are now seeing less competition in today’s pricey market, so some may be jumping in when they have the chance.
Mortgage application volume increased last week for the first time in six weeks, according to the Mortgage Bankers Association, despite a rise in interest rates.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 6.25% from 6.01%, with points decreasing to 0.71 from 0.76 for loans with a 20% down payment. It also may have been that the very few borrowers remaining who could benefit from a refinance finally got off the fence, seeing that rates could climb even higher for the foreseeable future.
Mortgage applications to purchase a home rose 1% for the week but were 30% lower than the same week one year ago. Buyers are now seeing less competition in today’s pricey market, so some may be jumping in when they have the chance. Homes are sitting on the market longer and sellers are far more willing to negotiate than they were even three months ago.
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