Mortgage & housing market update
Higher Rates Reduce Purchase and Refinance Applications
Mortgage applications fell as borrowing costs increased, with refinancing slowing faster than purchase demand.
For the week ending September 25, the MBA reported a 6% decline in applications. Purchase activity fell 4%, while refinancing dropped 9%.
The survey put the conforming 30-year fixed contract rate at 7.30%, with 0.75 points. ARM applications represented 10.3% of volume. Survey pricing is a national measure, not an offer for an individual borrower.
Buyers should compare fixed and adjustable options using the full payment, fees and future adjustment terms. A rate lock should fit the closing timeline and budget.
Mortgage-rate information is provided for education only and is not a rate quote, offer, or commitment to lend. Actual rates, fees and terms vary by borrower, property, loan program, market conditions and lock period. Home-price indexes are not appraisals or forecasts for a specific property.
Source reporting: Housing Brief Housing News. This market update is an original summary and commentary prepared by the Carson Home Team.