“Refinance volume fell particularly for larger loans, as evidenced by the decline of almost $25,000 in the average loan size for a refinance loan,” Mike Fratantoni, the Mortgage Bankers Association’s chief economist, said in the CNBC article.
Moreover, President’s Day holiday weekend, the unofficial start of the spring housing season, revealed weak home buyer traffic. Builders are blaming the cold temperatures, but others are pointing to the rising rates.
“It’s the price point, not the temperature, that is chilling builders,” Nela Richardson, chief economist for Redfin, said in the article.
SPDR S&P Homebuilders ETF
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Max Chen contributed to this article.