Refinancing Declines While Home Buyers Show Signs of Life
The demand for refinance fell 4%
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- Written by Banking Exchange staff
As mortgage rates rose, refinance demand cooled the last two weeks after a decent bump for banks.
The Mortgage Bankers Association stated that mortgage applications overall fell by 1.6% week to week. 30 Year fixed rates rose to 6.37%.
The demand for refinance fell 4%.
However, new home applications rose last week and were demonstrably higher year over year.
Banks and financial markets as a whole will be looking for guidance from the Federal Reserve Chairman today.