As Tax Credit Ends, Some Home Sellers Drop Prices
Despite falling mortgage rates, fewer people applied for mortgages to purchase a home last week, according to data from the Mortgage Bankers Association.
Last week was also the first week in more than a year when there was no federal home–buyer tax credit to lure prospective buyers. To qualify for that credit, a contract needed to be in place by the end of April and the deal must close by the end of June.
Still, low rates helped spur people to refinance their loans.
“Rates on 30–year mortgages dropped to their lowest level since mid–March,” said Michael Fratantoni, MBA´s vice president of research and economics, in a news release. “As a result, refinance applications for conventional loans jumped, hitting their highest level in six weeks.”... Read More
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