Mortgage demand weakens after banking sector turmoil ...Middle East

Demand for mortgages weakened last week even as interest rates softened for the first time in weeks, according to recent data from the Mortgage Bankers Association (MBA). MBA’s Market Composite Index, which measures mortgage loan application volume, declined by 1.2 percent from a week earlier on a seasonally adjusted basis. The 30-year fixed rate dropped for the first time in three weeks, according to MBA data, to 6.5 percent. This is still 114 points higher than a year ago, said MBA vice president and deputy chief economist Joel Kan in a statement. Refinancing activity was up 1 percent from the previous week but down by more than 50 percent from last year. “Elevated rates

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Mortgage demand weakens after banking sector turmoil ...Middle East

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