Too many appraisers?

Abstract

The unadjusted Purchase Index decreased 18 percent compared with the previous week and was 21 percent lower than the same week one year ago. "The purchase market has suffered from persistently low housing inventory and the jump in mortgage rates over the past months. These worsening affordability challenges have been particularly hard on prospective first-time buyers." The refinance share of mortgage activity increased to 32.2 percent of total applications from 31.5 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 5.40 percent from 5.33 percent, with points increasing to 0.60 from 0.51 for 80 percent loan-to-value ratio loans. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances increased to 4.99 percent from 4.93 percent, with points increasing to 0.44 from 0.41 for 80 percent LTV loans. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 5.30 percent from 5.20 percent, with points increasing to 0.79 from 0.69 for 80 percent LTV loans. The average contract interest rate for 15-year fixed-rate mortgages increased to 4.62 percent from 4.59 percent, with points increasing to 0.65 from 0.63 for 80 percent LTV loans. The average contract interest rate for 5/1 ARMs increased to 4.51 percent from 4.46 percent, with points remaining at 0.68 for 80 percent LTV loans.