Mortgage applications to purchase a home rose 5 percent last week, the Mortgage Bankers Association says.
Homeowners took advantage of a pullback in interest rates at the beginning of last week, the Mortgage Bankers Association says in its weekly report.
The House Republican tax plan cuts the cap on the deduction to $500,000 of mortgage debt for newly purchased homes.
CNBC’s Diana Olick reports on the Republican tax framework’s details on mortgage interest deduction.
Interest rates on home loans moved higher again last week, causing both homebuyers and homeowners to back away from the mortgage market.
Interest rates on home loans caused homebuyers and homeowners to back away from the mortgage market.
The drop affected all types of applications last week, but mortgages to purchase a home fell the hardest, 6 percent.
Total mortgage application volume rose 3.6 percent for the week, according to the Mortgage Bankers Association.
Homeowners have a deduction from their taxes for the interest they pay on their mortgages.
Homeowners have a deduction from their taxes for the interest on their mortgages, but Trump’s tax proposal will steer some away from this tax break.