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While the rates for 30-year fixed mortgages rose from 3.15% to 3.18%, mortgage applications have fallen on a seasonally adjusted week-over-week basis by 4.2%.
On the other hand, the numbers dropped by 4% on an unadjusted basis.
The refinance index too saw a considerable dip of 7% compared to the previous week, and about 9% compared to the same week a year ago.
While the seasonally adjusted index of purchase went up 2% compared to the previous week, the unadjusted index for purchase rose by 1% and dropped 4% on a weekly and yearly basis respectively.
Joel Kan, The MBA Associate Vice President of Economic and Industry Forecasting said in a recent release that there is robust demand in the country, however, what holds the homebuyers back is the rapidly increasing home prices and the lack of homes for sale.
Reference Source: Boston Agent Magazine
