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Mortgage Demand Increases Ever So Slightly

  • January 22nd

by UrbanTurf Staff

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Mortgage demand increased ever so slightly last week. Total mortgage applications rose about 0.1% led by new purchase applications.

Applications to purchase a home increased 7% from the previous week, the Mortgage Bankers Association (MBA) reported on Wednesday, while applications to refinance a home dropped 3% week-over-week. 

“Mortgage rates remained near 7 percent, a key psychological level, which likely continues to slow the pace of activity for both refinances and purchases," said Joel Kan, vice president and deputy chief economist at the MBA. "Incoming economic data are likely to keep the Federal Reserve on hold for now, while uncertainties about economic policy are likely to keep longer-term rates, including mortgage rates, steady at these levels.”

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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_increases_ever_so_slightly/23102.

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