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Mortgage Rates Fall For The First Time In Weeks
Dated: May 8 2023
Views: 99
According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates decreased last week after three consecutive weeks of increases. Rates for 30-year fixed-rate loans with both conforming and jumbo balances, 15-year fixed-rate loans, and 5/1 ARMs were lower, while rates for loans backed by the Federal Housing Administration increased slightly. Despite the more favorable rates, demand for mortgage applications decreased last week, with refinance and purchase activity down from the previous week.
The MBA's vice president and deputy chief economist, Joel Kan, stated that home buyers have been sensitive to market trends, particularly the low supply of existing-home inventory. Still, newly constructed homes account for a growing inventory share, giving prospective buyers more options. The MBA's weekly survey has covered 75 percent of all retail residential mortgage applications since 1990.
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