Rising mortgage rates in the United States are hitting the housing industry hard, as several areas in the market are seeing declines, according to the May 24 weekly survey from the Mortgage Banker’s Association for the week ending May 20.
The Market Composite Index, a measure of demand for mortgage loan applications, slipped 1.2 percent on a seasonally adjusted basis from last week. “The 30-year fixed rate declined for the second straight week to 5.46 percent but remains well above what borrowers were used to over the past two years,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.
Refinancing decreased 4 percent from the previous week, 75 percent lower than the same week a year ago….