Boston Real Estate for Sale Search

Loading...

Boston Real Estate: Mortgage Applications

Mortgage application for home for sale has dropped to over 20% from this time last year. Other findings.

  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.80% last week from 5.65% the previous week.

  • Mortgage applications to purchase a home dropped 2% for the week and were 23% lower than the same week one year ago.

  • The refinance share of mortgage activity decreased to 30.3% of total applications from about 66% a year ago.

After falling back earlier this month, mortgage rates began rising sharply again to the highest level since mid-July. That caused mortgage demand to pull back even further.

Total mortgage application volume fell 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 63% lower than the same week one year ago.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.80% from 5.65%, with points rising to 0.71 from 0.68 (including the origination fee) for loans with a 20% down payment. That rate was 3.11% one year ago.

As a result, refinance demand, which is highly sensitive to weekly rate moves, fell another 8% for the week and was 83% lower than the same week one year ago. The refinance share of mortgage activity decreased to 30.3% of total applications from about 66% a year ago.

______________________________________________________________________________________________________________________________

Boston Real Estate: Mortgage Applications

The volume of mortgage applications to purchase a home dropped to the lowest level in months nationwide. That could potentially signal waning demand in the Boston housing market, says the trade group that collects the data.

Nation real estate mortgage applications drop

Slowing a lack of available homes and slowing demand could damp the housing market’s early recovery.

Boston Real Estate for Sale Search

Loading...