The latest weekly mortgage application statistics suggest that home-ownership for entry-level buyers remains elusive.
Total applications fell 2.5% from a week ago – 2% lower than this week last year.
While applications are down overall, the prices buyers are paying are rising with average loan sizes increasing to a record high, according to Mike Fratantoni, MBA senior vice president and chief economist who says “This suggests that move-up and higher-end buyers have so far become a greater share of the spring market.”
CNBC reports, that entry-level buyers have been consistently stymied by short supplies of affordable properties.
Source: https://www.cnbc.com/2019/03/06/weekly-mortgage-applications-fall-but-hint-at-whos-now-buying-homes.html
