Last week showed the lowest level of mortgage application activity by U.S. consumers in the past 4 years. There are a lot of factors at play here – low national housing inventory, rising rates, and multiple bid situations on many homes further driving up prices. Refinancing activity fell to it’s lowest level since 2000, although that is no surprise – we had many years of low, low rates and most borrowers refinanced once if not twice or three times. Hopefully you took advantage. But the clincher is that mortgage requests to purchase a home dropped to their weakest level in 20 months, and that is what hurts. This data is from a recent report by the Mortgage Bankers Association. Click here to read the Reuter’s story…
Rising Rates Knock US Home Buying Activity To Lowest Level In 4 Years