I read this today and felt very sad. Many home buyers are sitting on the fence waiting for the "bottom". But what they don't realize is the rise in interest rates will have a much bigger impact on their monthly payment. Buyers, if you are considering buying in the near future, do it now. There are great prices on properties and many properties to choose from. Don't wait for interest rates to go up further and put homebuying out of your reach.
Loan Applications Fall as Mortgage Rates Rise
As mortgage rates neared their highest level in a year, loan applications fell 6.2 percent on a seasonally adjusted basis to 489.6 from 522.2 the previous week, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the index decreased 6.1 percent from the previous week and was down 19.6 percent compared with the same week a year ago.
The refinance index decreased 5.6 percent and the seasonally adjusted purchase index declined 6.7 percent.
Mortgage rates generally rose:
30-year fixed-rate mortgages increased to 6.59 percent from 6.22 percent
15-year fixed-rate mortgages increased to 6.10 percent from 5.74 percent
1-year ARMs remained unchanged at 7.16 percent
Source: Mortgage Bankers Association (07/23/2008)
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