Demand for mortgages takes a BIG hit
Trex Company CEO Bryan Fairbanks explains what's driving the home builders on 'The Claman Countdown.'took a big hit in the past week as the rate on the 30-year fixed mortgage rose for the fifth consecutive week.That sent demand for mortgage applications down 7.1% from a week ago, according to the Mortgage Banker's Association's weekly survey.
"The decline in purchase activity was led by a 5 percent drop in government applications, compared to a modest less than one percent decline in conventional applications,"added Kan. "The relative weakness in government purchase activity continues to contribute to higher loan sizes. The average purchase loan size was $433,500, eclipsing the previous record of $418,500 set two weeks ago.
The survey covers over 75% of all U.S. retail residential mortgage applications and has been conducted weekly since 1990.
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