New Mortgage Loan Applications Down as Mortgage Interest Rates Rise Again
Following a month of declining home mortgage rates, interest rates rose slightly the week ending February 10. The increases in home mortgages follow Federal Reserve indications that it will maintain restrictive monetary policies as inflation fighting measures. As a result, new applications for home mortgage loans fell 7.7% for the week. Local Georgia real estate experts say that fewer prospective homebuyers are able to enter the housing market, as mortgage rate increases over the past year, coupled with price increases, have reduced purchasing power.
Planning to purchase a new home in the Atlanta area or need to refinance an existing home mortgage? Contact Peachtree Mortgage Services, Inc. at email@example.com or 770.481.0052.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.