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

Today, UrbanTurf takes a look at the latest with the residential (and some of the com... read »

The mortgage interest deduction allows homeowners who itemize their taxes to reduce t... read »

Canal House, a Tribute Portfolio hotel, will open near the C&O Canal later this month... read »

While tariffs are often discussed in the context of their effects on manufacturing, a... read »

The new project will be located at a site that the developer purchased several years ... read »
- Jose Andres, Heating Plants And The 10 Developments Coming To Georgetown
- How Does The Mortgage Interest Deduction Work?
- Marriott Set To Open 105-Room Boutique Hotel in Georgetown This Month
- How Will New Tariffs Affect The Housing Market
- Jair Lynch Pitches 8-Story, 203-Unit Development For Arlington's Barcroft Neighborhood
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