{"id":23562,"date":"2024-05-03T14:30:17","date_gmt":"2024-05-03T14:30:17","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=23562"},"modified":"2024-05-03T14:30:18","modified_gmt":"2024-05-03T14:30:18","slug":"mortgage-rates-up-purchase-loans-resilient-for-now","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/mortgage-rates-up-purchase-loans-resilient-for-now\/","title":{"rendered":"Mortgage Rates Up, Purchase Loans Resilient for Now"},"content":{"rendered":"\n

Mortgage rates may be moving higher but eager buyers continue to drive loan applications to purchase a home higher as well. Mortgage applications to purchase a home rose 1% last week, the Mortgage Bankers Association reported Wednesday. Home shoppers may be rushing to lock in rates ahead of any further increases.<\/p>\n\n\n\n

But higher mortgage rates are taking a toll on homeowners looking to refinance. Mortgage demand for refinance applications fell 15% last week. They are down 60% compared to a year ago.<\/p>\n\n\n\n

\u201cMortgage rates jumped to their highest level in more than three years last week, as investors continue to price in the impact of a more restrictive monetary policy from the Federal Reserve,\u201d says Michael Fratantoni, the MBA\u2019s chief economist.<\/p>\n\n\n\n

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances\u2014those that are $647,200 or less\u2014rose to 4.80% last week, the MBA reports. That is up from 4.50% the week before.<\/p>\n\n\n\n

Housing affordability is weakening as mortgage rates climb. About 87.5 million households are unable to afford a median-priced new home, according to data from the National Association of Home Builders. If the new-home market prices were to rise by just $1,000, an additional 117,932 would be priced out. Read more: How Rising Mortgage Rates Hamper Affordability<\/a><\/p>\n\n\n\n

Overall, mortgage application volume, for home purchases and refinances combined, decreased 6.8% last week.<\/p>\n\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Mortgage rates may be moving higher but eager buyers continue to drive loan applications to purchase a home higher as well. Mortgage applications to purchase a home rose 1% last week, the Mortgage Bankers Association reported Wednesday. Home shoppers may be rushing to lock in rates ahead of any further increases. But higher mortgage rates … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-23562","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nMortgage Rates Up, Purchase Loans Resilient for Now - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/mortgage-rates-up-purchase-loans-resilient-for-now\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-rates-up-purchase-loans-resilient-for-now\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-rates-up-purchase-loans-resilient-for-now\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Mortgage Rates Up, Purchase Loans Resilient for Now\",\"datePublished\":\"2024-05-03T14:30:17+00:00\",\"dateModified\":\"2024-05-03T14:30:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-rates-up-purchase-loans-resilient-for-now\\\/\"},\"wordCount\":233,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-rates-up-purchase-loans-resilient-for-now\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/mortgage-rates-up-purchase-loans-resilient-for-now\\\/\",\"name\":\"Mortgage Rates Up, Purchase Loans Resilient for Now - 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