Mortgage Applications Drop Due to Rising Rates, Winter Storms
Mortgage demand fell last week and rising rates and snow were to blame.
Mortgage applications dropped 11.4% compared to the previous week, according to data released by the Mortgage Bankers Association today.
story continues below
loading...story continues above
"Mortgage rates have increased in six of the last eight weeks, with the benchmark 30-year fixed rate last week climbing above 3 percent to its highest level since September 2020," Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting, said in a statement. "Additionally, the severe winter weather in Texas affected many households and lenders, causing more than a 40 percent drop in both purchase and refinance applications in the state last week."
Despite the drop in applications, refinance activity was still 50 percent higher than at the same time last year.
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-applications-drop-due-to-rising-rates-winter-storms/17926.
Most Popular... This Week • Last 30 Days • Ever

The largest development on the boards for the H Street Corridor is planned for a fami... read »

The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »

An 80-unit residential development is moving forward along the H Street Corridor, and... read »

For this edition of What X Buys, UrbanTurf explores how far a budget just below $900,... read »

Metro sees highest daily ridership since before pandemic; Tatte to open in Ivy City; ... read »
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- Renderings Revealed For 80-Unit Project Along the H Street Corridor
- What (Just Under) $900,000 Buys in the DC Area
- Thursday's Must Reads
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. Visit guides.urbanturf.com or 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