April 19 (UPI) — Higher lending rates are catching up with the housing market, with the Mortgage Bankers Association saying Wednesday that applications for a loan for a new home declined from week-ago levels.
The MBA reported the rate on a 30-year, fixed-rate mortgage increased by 13 basis points to 6.43%, leading to a 10% decline in mortgage loan applications.
“Affordability challenges persist and there is limited for-sale inventory in many markets across the country, so buyers remain selective on when they act,” Joel Kan, the deputy chief economist at the MBA, said.
Kan added the refinance activity represented 25% of all applications during the week ending April 14, a decline from previous weeks as interest rates remain elevated.
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