Refis Take a Hit as Mortgage Rates Tick Up
After a small rate increase, refinance applications tumbled this week, according to the Mortgage Bankers Association
After a small rate increase, refinance applications tumbled this week, according to the Mortgage Bankers Association
The supply of new U.S. homes on the market fell by 1% during the 2019 second quarter
Mortgage refinance application volume skyrocketed 37% in the past week
In the 2019 second quarter, Americans owed $9.4 trillion in mortgage debt, up $162 billion from the first quarter
Only 16% of all homes were paid for with cash in June.
Is it better to search for the absolute lowest rate or is it more helpful to choose a less-expensive home? Here’s how the two factors are related and how to make the right choice.
Demand for U.S. housing is quickly outpacing the supply of homes
Roughly 37% of all U.S. households own their homes completely
Mortgage credit was slightly easier to come by in June
The home ownership rate for black households ended 2016 at 41.7 percent, near a 50-year low