Mortgage Applications Confirm Weakness
MORTGAGE APPS CONFIRM WEAKNESS. The Mortgage Bankers Association for the 4/6 week reported that applications for mortgage to purchase homes declined 2% from the prior week after falling by the same amount. More importantly, FOR THE FIRST TIME THIS YEAR THE INDEX FELL 0.5% YEAR OVER YEAR on an unadjusted basis. The good news is 30 year mortgage rates the past few weeks have stabilized if not fallen slightly indicating at least temporarily the negative effects of higher rates on demand have abated. Having said that there are signs that economic activity has slowed some in past 4-6 weeks creating another drag on demand. This kind of economic sight sets us apart in assisting our clients in the planning process. Come talk to us for a complimentary consultation.