business / news / / Benzinga
The 30-year fixed-rate mortgage currently averages 6.37%, according to the latest Freddie Mac Primary Mortgage Market Survey.
Purchase mortgage applications rose 4% week-over-week and are 7% higher than a year ago.
KEY POINTS
- Buyers are increasingly turning to new construction homes as existing home inventory remains limited.
- Homeowners with low-rate mortgages are largely unwilling to sell, intensifying the supply shortage.
- Refinance applications declined an additional 1% as the existing-home market remains stagnant.
COMPANIES
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