Reported 4 months ago
Mortgage applications for home purchases in the US experienced a significant drop last week, the largest since early April, with rates remaining above 7%. The Mortgage Bankers Association reported a 4.4% decrease in the index of mortgage applications for purchasing a home, while the 30-year fixed mortgage rate rose to 7.07% and the five-year adjustable mortgage rate fell to a two-month low of 6.37%. The overall index of applications, including purchases and refinancing, fell 5.2% to the lowest level since February, reflecting buyer hesitation due to high prices and borrowing costs amidst stable home listings.
Source: YAHOO