The Mortgage Bankers Association said higher borrowing costs pushed total applications down 1% last week, with refinance demand taking the biggest hit.
A new housing report says the income needed to buy a typical home in the county climbed to its highest level in two years.
A Bankrate explainer says refinancing can still help some homeowners, but shopping, fees and loan terms matter as much as the headline rate.
Census and HUD said July sales were down from June and a year earlier, while builders kept a tight grip on new construction plans.
HousingWire says long-term Treasury purchases have not translated into cheaper home loans, even as jumbo rates posted the week’s biggest increase.
The latest Case-Shiller data showed another yearly increase, but high borrowing costs kept the housing market under strain.
Borrowing against home equity can protect an old low mortgage rate, but it can also reset a loan at today’s higher rate and add closing costs.
The CBO says the debt milestone does not equal an immediate crisis, but it does raise costs that can ripple through the economy.
A Colorado homebuyer says higher rates brought less competition, more room to negotiate, and a path to refinance later.
ATTOM says underwater loans are still a small share of the market, but they are concentrated in several Midwestern states and the District of Columbia.