US home-purchase mortgage applications decreased 4.4% in the week ended May 31, with mortgage rates above 7%.
US home-purchase mortgage applications fell by the most since early April, with the Mortgage Bankers Association's index of mortgage applications for home purchases decreasing 4.4% in the week ended May 31. Mortgage rates remained above 7%, causing prospective buyers to balk at high asking prices and borrowing costs, resulting in a 5.2% decline in the overall index of applications to 180.4, the lowest since February.
June 05, 2024
8 Articles