MORTGAGE: Loans down, interest rates up
By North County Times staff report | ∞
Mortgage applications last week were much lower from a year ago as interest rates remained high compared to just a couple months ago.
The number of home buyers looking to acquire new mortgages was down 37 percent from the same week a year ago, according to an index compiled by the Mortgage Bankers Association, a national industry group.
It also reported that the average interest rate on mortgages rose an eighth of a point, from 6.41 percent to 6.57 percent last week.
That rate is up from a recent low of 5.49 percent in January.
New mortgage numbers also have been depressed by sluggish sales as high foreclosure rates across the country and in North County have added to the inventory of homes for sale.
Also, tighter underwriting guidelines by banks mean some interested buyers are unable to qualify for loans.
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