Skip to comments.Mortgage volume tanks on tiny rate rise [Yet Another Øbama Economic Triumph]
Posted on 06/19/2014 4:57:25 AM PDT by markomalley
It didn't take much to keep potential borrowers away from their mortgage lenders last weeka minimal rise in rates sent volume tumbling 9.2 percent, according to the Mortgage Bankers Association (MBA).
Applications to refinance a loan fell 13 percent on week, while applications to purchase a home fell 5 percent on week and are now 15 percent below the volume seen a year ago.
"Interest rates increased relative to the previous week, as incoming economic data continues to suggest a pickup in the pace of growth," said Mike Fratantoni, MBA's Chief Economist. "Some lenders continue to report that they have pre-approved borrowers who have been unable to find a property given the tight inventory in certain markets."
(Excerpt) Read more at cnbc.com ...
The economy is booming. It is true because I saw it on the news and they would not lie. Clearly you are a racist.
Housing follows the job market, hello
Hmmm... from my limited understanding of economics, that doesn’t seem to be a sign of a “robust expanding economy”...
It’s not the rate rise, everyone is hunkered down waiting for the STHF or the occupier to be removed.
Wonder if I can get a 30 year VA fixed for under 3%?