Homebuying Sinks In Response to Rising Mortgage Rates

Overall mortgage applications slid 1.7 percent last week on a seasonally adjusted basis from the week before, as interest rates continued to climb, the Mortgage Bankers Association reported today.

The seasonally adjusted purchase index decreased by 2.7 percent to 407.4 from 417.7 the previous week whereas the refinance index decreased by 0.4 percent to 1,526.1 from 1,532.4 one week earlier.

The Bradenton - Sarasota, Florida market continues to suffer from a decline in the number of buyers and excessive inventory.