Over the last month, the Mortgage Bankers Association’s (MBA) tracked 30-year fixed-rate mortgage rate continued to show elevated levels. For the week ending April 16, the average rate was 3.2%.
For the same period, the MBA’s Market Composite Index (seasonally adjusted) underwent a series of declines, significantly tapering from its levels in March. It is only in the latest week’s activity that both Purchasing and Refinancing showed anemic gains, while still maintaining the downwards momentum.
In recent weeks, the MBA cited quicker home price growth and extremely low inventory as being factors constraining further activity in both Purchasing and Refinancing. Furthermore, these two factors were cited as particularly constraining in the lower-price home tiers. Read full article on Eyeonhousing.org.
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