Loan demand stalls as buyers, owners pause
Mortgage applications to purchase a home and for refinancing barely budged last week, according to the Mortgage Bankers Association. Economists are blaming the stall in loan demand on rising interest rates and rising home prices.
Total mortgage applications for refinances and home purchases decreased 0.4 percent last week compared to the previous week on a seasonally adjusted basis. Volume is now 24 percent lower than a year ago. Interest rates are also significantly higher than a year ago too.