Mortgage applications took a huge hit last week, falling to their lowest level in 25 years as interest rates rose to their highest level since 2006, the Mortgage Bankers Association reported Wednesday in its Weekly Mortgage Applications Survey for the week ending September 30.
The Mortgage Bankers Association commented on a proposed policy statement on commercial real estate loan accommodation and workouts published by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp. and the National Credit Union Administration.
CoreLogic, Irvine, Calif., said year-over-year home price growth slowed for the fourth consecutive month, with more metro areas likely to see further decreases in the coming months.
Zillow, Seattle, in partnership with ClimateCheck, reported areas with increased flood risk also see an increase in mortgage denials and in would-be borrowers withdrawing their mortgage applications, even after controlling for income and property value.
Moody's Investors Service, New York, said the supply and demand outlook for most property types in the securitized commercial real estate market improved slightly in the second quarter.