As rates on conventional mortgages head back above 7%, homebuyer demand for purchase loans is wilting, with applications dropping for a 3rd week in a row last week, MBA survey finds
After picking up during the first 3 weeks of January, MBA lender surveys show applications for purchase loans are contracting, with mortgage rates no longer in free fall from 2023 highs
After dipping to lowest level since April 1995, applications for purchase mortgages edge up 2% week over week but remain down 27% from a year ago as mortgage rates retreat from 2023 highs