The sign for sale is shown outside the house for sale on August 16, 2024. In Los Angeles, California.
Patrick T. Fallon | AFP | Getty Images
The mortgage rates did not move last week, but the demand for new home loans continued to weaken. Both home customers and current homeowners interfere with today’s larger interest rates.
The total volume of mortgage reports decreased by 2% compared to the previous week, according to the index of the seasonally adapted index of the Hypotarcan Bankers Association.
The average interest rate for a 30-year-old mortgage with a fixed rate with complained loan states ($ 766,550 or less) remained unchanged to 7.02%and the points increased to 0.63 of 0.62 (including fee for origin) loans with 20% payment.
Applications for refinancing the home loan fell by 7% of the week and were 5% higher than the same week a year ago. Interest rates are now 24 base points higher than a year ago, so there are precious few of those who can benefit. The vast majority of homeowners have mortgage with prices significantly below what is being offered today.
Applications for the mortgage for buying home decreased by 0.4% compared to the week earlier and were 7% lower than the same week a year ago.
“The buying activity has diminished slightly, but the reports for the loans to buy FHA were a bright place, increasing by 2 percent,” said Joel Kan, Vice President of MBA -ei Deputy Chief Economist.
“The new and existing sales of the house ended in 2024, and if the mortgage rates are still stabilized and supplies supplies, we expect a gradual download of activities in the coming months.”
The hypothesis prices have not started much to start this week, and it is not expected that the Federal Reserve meetings on Wednesday will make surprises or news.
“Even Powell would be difficult to press things too much with the slightly positive sign of inflation information and constant uncertainty of politics as a counterbalance,” wrote Matthew Graham, Main Mortgage News Daily operating director. “That was said, a volatile reaction to Powell’s pressure can never be truly excluded, but the odds are surely lower this time.”
