Mortgage Applications Drop 8%
✉️ Want to forward this article? Click here.
Mortgage applications dropped 8% last week, the Mortgage Bankers Association (MBA) reported on Wednesday. The number of homeowners refinancing has fallen 50% compared to last year.
story continues below
loading...story continues above
"With mortgage rates now at 4.5 percent, compared to rates at or below 3 percent not that long ago, it is no surprise that refinance volume has dropped by more than 50 percent compared to this time last year," Mike Fratantoni, MBA's Senior Vice President and Chief Economist, said in a release. "MBA's new March forecast expects mortgage rates to continue to trend higher through the course of 2022."
Last week, long-term mortgage rates reported by Freddie Mac rose to 4.16%, the first time that rates had been above 4% in three years.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-applications-drop-8/19431.
Most Popular... This Week • Last 30 Days • Ever
Here are some precautions to take before buying real estate with a buddy.... read »
The six-bedroom home listed for just south of $10 million back in June went under con... read »
In this edition of First-Timer Primer, we review five potential red flags you may enc... read »
The new project will take the place of an obsolete office building in Courthouse.... read »
The three office-to-residential conversion projects have been conditionally awarded t... read »
- Buying with Friends: What You Should Know
- $10 Million McLean Home Of Former Nationals Star Stephen Strasburg Finds a Buyer
- Five Red Flags to Look For During Condo Document Review
- 16-Story, 325-Unit Building Pitched For Arlington's Wilson Boulevard
- Mayor Bowser Announces First Office-To-Residential Projects To Receive Tax Abatements
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro