Mortgage Applications Drop As Interest Rates Rise
Mortgage Applications Drop As Interest Rates
Rise
The Mortgage Bankers Association reported Wednesday that US mortgage applications fell last week,as refinancing activity plummeted, offsetting a rise in purchase loan requests. Overall, the group's seasonally adjusted index of mortgage application activity fell 5.2 percent,a measure that includes both purchase and refinancing requests.
Refinancing activity, which has already been hindered by an uncertain labor market and tighter lending standards, declined during the week in response to higher interest rates; but purchase loan requests increased significantly in the week just before the July 4th weekend. The MBA's index of refinancing applications, adjusted for seasonal factors, fell 9.2 percent in the week ended July 1st, while the measure of purchase applications, also seasonally adjusted, climbed 4.8 percent.
The refinance index reached its lowest level since the early part of May, and the percentage of overall mortgage requests accounted for by refinancing applications fell to66.4 percent from 69.5 percent in the previous week. Separately, mortgage giant Freddie Mac reported that the average rate for a 30 year, fixed-rate mortgage jumped from 4.46 percent to 4.69 percent in the final week of the first half of the year.
The Mortgage Bankers Association reported Wednesday that US mortgage applications fell last week,as refinancing activity plummeted, offsetting a rise in purchase loan requests. Overall, the group's seasonally adjusted index of mortgage application activity fell 5.2 percent,a measure that includes both purchase and refinancing requests.
Refinancing activity, which has already been hindered by an uncertain labor market and tighter lending standards, declined during the week in response to higher interest rates; but purchase loan requests increased significantly in the week just before the July 4th weekend. The MBA's index of refinancing applications, adjusted for seasonal factors, fell 9.2 percent in the week ended July 1st, while the measure of purchase applications, also seasonally adjusted, climbed 4.8 percent.
The refinance index reached its lowest level since the early part of May, and the percentage of overall mortgage requests accounted for by refinancing applications fell to66.4 percent from 69.5 percent in the previous week. Separately, mortgage giant Freddie Mac reported that the average rate for a 30 year, fixed-rate mortgage jumped from 4.46 percent to 4.69 percent in the final week of the first half of the year.
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