WICHITA, KS: (wichitaksrealty.news) Weekly mortgage applications fell 4% from last week on a seasonally adjusted basis, even with national interest rate averages sitting near record lows. This according to the Mortgage Bankers Association. Year on year averages are still up though, roughly 48% higher compared to 2015 numbers. The weekly over week fall could possibly be an effect from the Brexit vote earlier in the year, as some economists have stated.Both new home and refinancing averages fell in this period.
Rates, however, have stayed low and have been credited with many metropolitan areas seeing low supply and rising prices.
Awaiting minutes from the July Federal Reserve Open Market Committee (FOMC) meeting later today, the potential of tightening talk and the Federal Reserve setting the stage for upcoming interest rate hikes may have dramatic future implications on mortgage applications and financing rates. This coupled with the upcoming election provides a level of uncertainty that can effect interest rates and mortgage applications.