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Home Purchasers Maintain Vigilance Over Mortgage Rates
Dated: May 22 2023
Views: 87
According to the Weekly Applications Survey conducted by the Mortgage Bankers Association, average mortgage rates increased last week compared to the previous week. The rise affected 30-year fixed-rate loans, encompassing both conforming and jumbo balances, as well as 15-year fixed-rate loans and 5/1 ARMs. This upturn, marking the first in several weeks, prompted prospective buyers to temporarily halt their plans, as individuals pursuing residential properties remain keenly attentive to fluctuations in mortgage rates.
Joel Kan, the vice president, and deputy chief economist of the MBA noted that the volatility of rates and a shortage of available properties hindered buyer activity in the past week. "Purchase applications experienced a 5 percent decline, reaching the slowest pace witnessed in a month. This decline can be attributed to buyers' apprehension towards rate volatility and the scarcity of properties listed for sale in various regions across the country," Kan explained. Overall, there was a 5.7 percent decrease in mortgage application demand compared to the previous week. The MBA's weekly survey, conducted since 1990, encompasses 75 percent of all retail, residential mortgage applications.
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