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    Home ยป US Mortgage Applications to Buy a Home Fell 10% Last Week on Higher Interest Rates
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    US Mortgage Applications to Buy a Home Fell 10% Last Week on Higher Interest Rates

    February 9, 20221 Min Read
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    Mortgage rates have been increasing since the start of 2022, but buyers at first seemed unconcerned, with buyers rushing back before rates increase further.

    • Mortgage applications to buy a home fell 10% last week compared with the prior week and were 12% lower YoY.
    • The average loan size jumped to a record high at $446,000, signaling that most of the buying activity is on the higher end of the market, where there is more supply.
    • Supply is another major factor in the demand for mortgages. The total inventory of homes for sales plunged 28% nationally in January from January of 2021.
    • New listings also fell by 9%, the second consecutive month of declines. That fall is likely moving into February as sellers are not rushing into the market.

    The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 3.83% from 3.78%, with points dropping to 0.40 from 0.41 for loans with a 20% down payment.

    DXY down -0.16%, EUR USD up +0.16%

    Source: CNBC

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