Mortgage rates remain well below 2022 highs as the spring homebuying season approaches, according to a weekly lender survey by the Mortgage Bankers Association
It's a slow time of year for homebuying, so it's not surprising to Mortgage Bankers Association Chief Economist Mike Fratantoni that purchase applications didn't jump last week
As mortgage rates continue to retreat from 2022 highs, all eyes will be on Federal Reserve as policymakers conduct their final meeting of the year next week
A rate index published by Mortgage News Daily shows rates on 30-year fixed mortgages averaging 7.14 percent on Tuesday
Purchase loan applications continue to be weaker 'due to the combination of much higher mortgage rates and the worsening economic outlook,' said MBA forecaster Joel Kan
Although fears of a recession are bringing mortgage rates down, would-be homebuyers aren't rushing to apply for loans, according to a weekly survey of lenders