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
Mortgage rate buydowns can be a good option for buyers who want to save money on inte... read »
Plans filed this week provide the latest look at the 106-key hotel in the works at an... read »
This week’s Best New Listings includes a townhouse on a secluded alley block and a ... read »
The eight-bedroom, 35,000 square-foot home in McLean known as The Cliffs went under c... read »
The large new development would take the place of the Ballston One office building al... read »
- How Does a Mortgage Rate Buydown Work?
- A Look At Georgetown's New 100-Key Hotel Along The Canal
- Best New Listings: One Of 10 On U Street; Moved By Horses To Tenleytown
- A $30 Million Sale? One Of The DC Area's Most Expensive Homes Finds A Buyer
- Updated Plans Filed For 328-Unit Development At Arlington Office Site
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