Mortgage Applications Slide, but Pending Home Sales Beat Expectations
Today brought 2 new scheduled data releases for the housing market. Both were fairly logical given the variables in play. So far in 2022, one of the most obvious and troublesome variables for the mortgage market has been the historically rapid rate spike. Average 30yr rates are now at levels not seen since 2009.
Big rate spikes don't always affect the purchase market in the same way, but the reaction in terms of refinance applications is highly correlated. As such, it's no surprise to see this morning's application data from the Mortgage Bankers Association (MBA).
Purchase applications are also at their lowest levels since the early days of the pandemic, but still at stronger levels relative to the previous 10+ years. While interest rates are weighing on purchases t
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