Latest Updates: Related to Inflation

Mortgage Borrowers Lose Ground to Cash Buyers


This morning, total mortgage applications dropped for the 10th time in the last 11 weeks as fast rising mortgage rates increasingly push non-cash buyers aside. The MBA mortgage applications index for the week ending April 15th fell by -5.0% to the lowest level in three years. Applications for new purchases were down -3.0%, while refinancing applications dropped -7.7%. The Freddie Mac average 30-year mortgage rate topped 5.0% last week for the first time since late 2019, and is up a staggering 189 basis points since the year began. Rates are likely to climb further this week.

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