The good news, another report that bolsters the stock market, the bad news, another report that crushes the bonds, that will raise rates again for a 4th straight week. The future reports looks like rates will only get worse before they get better, so LOCKING immediately on all new loan applications is a must.
U.S. mortgage applications fell last week, weighed down by a plunge in demand for home
refinancing as interest rates reached seven-month highs.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ended May 25 dropped 7.3% to 636.4.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.32 percent, up 0.09 percentage point from the previous week and its highest since the week ended Oct. 20, when it stood at 6.36%. Rates, however, were well below year-ago levels of 6.66%.
Refinancing applications dropped 13% to the lowest since January, while the refinance share of mortgage activity decreased to 39.7% of total applications from 42.3% the previous week.
Not the greatest news for us, but we all must whether the storm, we have no choice.
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