U.S. Mortgage Activity Declines
U.S. Mortgage Activity Declines
The Mortgage Bankers Association on Wednesday said that applications for US home loans dropped last week to their lowest level since January as rising interest rates kept some potential buyers on the sidelines. The group's seasonally adjusted index of mortgage application activity, which compiles data for both purchase and refinancing loan requests, dropped 6.7 percent in the week ended April 8th.
It was the third consecutive week in which mortgage apps fell, and brought the index to its lowest level since the week ended January 21st. The group's index of refinancing loan requests, seasonally adjusted, fell 7.7 percent, while its measure of applications for purchase loans dropped 4.7 percent. The average interest rate for a 30-year, fixed-rate mortgage, the most popular US home loan, rose from 4.93 percent two weeks ago to 4.98 percent, according to data from mortgage giant Freddie Mac.
The Mortgage Bankers Association on Wednesday said that applications for US home loans dropped last week to their lowest level since January as rising interest rates kept some potential buyers on the sidelines. The group's seasonally adjusted index of mortgage application activity, which compiles data for both purchase and refinancing loan requests, dropped 6.7 percent in the week ended April 8th.
It was the third consecutive week in which mortgage apps fell, and brought the index to its lowest level since the week ended January 21st. The group's index of refinancing loan requests, seasonally adjusted, fell 7.7 percent, while its measure of applications for purchase loans dropped 4.7 percent. The average interest rate for a 30-year, fixed-rate mortgage, the most popular US home loan, rose from 4.93 percent two weeks ago to 4.98 percent, according to data from mortgage giant Freddie Mac.
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