CoreLogic chief economist Selma Hepp agreed, saying that “ongoing mortgage rate volatility and the fallout from the most recent banking crisis will likely put a damper on the spring homebuying season, particularly if tightening credit impacts mortgage availability. However, with price growth continuing to slow rapidly, potential buyers could benefit after being shut out of the market for years.”
Consequently, mortgage applications grew 2.9% as rates continued to decline, according to the Mortgage Bankers Association.
“Application activity increased as mortgage rates declined for the third straight week,” MBA deputy chief economist Joel Kan noted. “While the 30-year fixed rate remained 1.65 percentage points higher than a year ago, homebuyers responded, leading to a fourth straight increase in purchase applications.”
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