The Mortgage Bankers Association (MBA) reports that applications to purchase new homes declined for the second month in a row in December. The MBAs Builder Application Survey fell 6.1% from a year ago while applications declined by 13% compared to November. Joel Kan, MBA's Associate Vice President of Economic and Industry Forecasting said, “Looking ahead, if mortgage rates remain low, housing inventory rises, and home-price growth continues to steady, we expect to see a rebound in purchase activity this spring."
Mortgage rates held steady in the latest survey after declining for six consecutive weeks. Freddie Mac reports that the 30-year fixed-rate mortgage was unchanged at 4.45% with an average 0.40 in points and fees. However, Freddie Mac said, "Consumer mortgage demand and homebuilder construction sentiment are on the mend, which indicates that lower interest rates are beginning to have a positive impact on some segments of the economy.
Home purchase applications decline. Mortgage rates unchanged in the latest survey.
Comments(2)