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U.S. Mortgage Applications Decline as Rates Hit 12-Year High
U.S. mortgage applications slid for a sixth straight week as mortgage rates climbed to a 12-year high, weighing on both home purchases and refinancing.
The Mortgage Bankers Association’s index of total applications dropped 5% in the week ended April 15 to 374, the lowest since February 2019, the Washington-based group said Wednesday.
The average contract rate on a 30-year fixed mortgage rose 7 basis points to 5.2%, the highest since April 2010. The rate has climbed 1.14 percentage points in the last eight weeks. That’s the quickest rise since 2003. The effective rate, which includes the effects of compounding, rose to 5.39%.
https://www.bloomberg.com/news/articles/2022-04-20/u-s-mortgage-applications-decline-as-rates-hit-12-year-high
