The Mortgage Bankers Association (MBA) reports that for the week ending June 5, 2009, higher interest rates have put applications for purchases on a steady course while applications for refinances are down.
The MBA numbers indicate that "The refinance share of mortgage activity decreased to 59.4 percent of total applications from 62.4 percent the previous week. This is the lowest the refinance share has been since November 2008."
Not much of a surprise here. Our home buyers are very aware of rising interest rates. Our advice to prospective home buyers: check with your lender to see how the current interest rates will affect how much you can afford to spend on a home purchase.
To read more: Mortgage Bankers Association Press Release 6/10/09