Mortgage rates dip as market pressure mounts amid Russian invasion of Ukraine Via ForbesAdvisor
and mortgage rates already rising this year, there are indications consumers are pulling back from applying for a mortgage or refinance.
Mortgage applications fell 13.1% for the week ending February 23 compared to the previous week—their lowest level since December 2019, according to the Mortgage Bankers Association . Similarly, applications to refinance were down 16% from the previous week and less than half the levels from a year ago.
“In a hyper-competitive market, I think that even small changes in interest rates will significantly impact the purchase power of buyers who have struggled to be qualified,” she says.
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