• Tweet

• Tweet

Applications to purchase a home were up slightly, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 2, which was released today. Overall, however, the Market Composite Index, which measures mortgage loan application volume, showed a decrease of 1.4 percent from one week earlier.

“The Federal Reserve is trying to show that it’s going to be tough on inflation. What that means for homeowners looking to refinance or anyone looking to purchase a home is it’s becoming increasingly evident that interest rates are going to go up for the 17th consecutive time at the end of this month,” said Bob Walters, chief economist of Quicken Loans. “The good news for consumers looking to purchase is that long-term interest rates are still in a range that is historically quite low, but homeowners with ARMs are looking to avoid higher-than-necessary payments by refinancing into fixed-rate mortgages now before their current mortgage adjusts.”

 Printer Friendly Version