Mortgage Applications In October Downward Trend
Mortgage interest rates are at a 30-day high, and could go higher if, as many economists expect, the Federal Reserve boosts interest rates at its next Federal Open Market Committee meeting in December.
That outlook has started to settle in among mortgage consumers and is driving mortgage applications downward in October.
In the mortgage market, all things are relative, so it's worth noting that on a year-to-year basis, the U.S. mortgage appears stable.
"Mortgage applications are actually up compared to this time last year, so a slight increase in rates hasn't caused a dip," notes Mat Ishbia, president and CEO at United Wholesale Mortgage, near Detroit. "Mortgage application numbers only appear to be down when compared to the flurry of post-Brexit applications that were submitted in late June and July."