Mortgage Applications Slow Following Slight Increase In Interest Rates
A recent report from the Mortgage Bankers Association revealed that there was a slow in mortgage applications last week, following a slight increase in interest rates, according to HousingWire.
"According to the MBA’s Weekly Mortgage Applications Survey for the week ending Aug. 23, 2019, mortgage applications fell by 6.2% on a seasonally adjusted basis from one week earlier," according to HW.
"On an unadjusted basis, the Market Composite Index, a measure of mortgage loan application volume, fell 7% compared with the previous week."
Both purchase and refinance applications felt the squeeze and the report claims that this could mean borrowers are keeping more of a watchful eye on mortgage rates.
"U.S. Treasury yields were volatile over the course of the week, as the ongoing trade dispute between the U.S. and China continued to generate uncertainty among investors," said Joel Kan, MBA’s associate vice president of economic and industry forecasting, according to HW.
To learn more about the slow in mortgage applications, click on the image above.
