The
Mortgage Bankers Association (MBA) said on Wednesday its
seasonally adjusted market index fell 3.1% in the week ending
June 4 from a week earlier. This reflected a 5.1% decline in
applications for refinancing and was 27% lower than the same
week one year ago.
The purchase index increased 0.3% from a week earlier. The
week's data included an adjustment for the Memorial Day holiday.
"Home-price growth continues to accelerate, driven by favorable
demographics, the recovering job market and economy, and housing
demand far outpacing supply," Joel Kan, an economist at the MBA,
said in a statement.
Surging home prices and limited supply has put a lid on home
sales recently, and a record-low percentage of U.S. consumers
believe now is a good time to purchase a home.
The average contract interest rate for traditional 30-year
mortgages decreased to 3.15% last week from 3.17% the prior
week.
(Reporting by Evan Sully; Editing by Chris Reese)
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