A real estate for sale sign shows the home as being “Under Contract” in Washington, DC, November 19, 2020.
Saul Loeb | AFP | Getty Images
Sharp gains in home prices and a slight rise in interest rates combined to weaken demand for mortgages last week.
Total mortgage application volume fell 4.1% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
Homebuyers are seeing prices rise at the fastest rate in over six years, as highly emotional, pandemic-induced demand for housing butts up against a record low supply of homes for sale, resulting in bidding wars. Mortgage applications to purchase a home fell 4% for the week, but were 16% higher than a…
Source cnbc.com