High Mortgage Rates Impact US Home-Purchase Applications
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#fd4fc180 ver:0.9

High mortgage rates are impacting US home-purchase applications, with a 5.2% drop during Memorial Day week. The 30-year fixed-rate mortgage reached 7.07%, affecting refinance and purchase activity. Low inventory levels and surging home prices also contribute to the decline. However, there are positive trends, such as increased production by homebuilders and demand from Millennials. The rise in rates has led to a second week of declining demand, and mortgage applications for home purchases slid 4.4% in May. The national median mortgage payment increased to $2,256, making affordability more difficult. Freddie Mac expects higher rates to impact future growth, while Fannie Mae anticipates a modest slowdown in housing activity. Serious mortgage delinquencies have improved to their lowest level since 2005. #mortgagerates #housingmarket #homebuyers #affordability...

#newstr #MortgageRates #HomePurchases #MortgageBankersAssociation #HousingMarket #UsEconomy 

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