US mortgage rates hit 3-year high as applications decline
- 1The Mortgage Bankers Association reported a 4.2% decrease in total mortgage applications compared to the previous week.
- 2Last week, the average contract interest rate for 30-year fixed-rate mortgages on conforming loans below $832,750 rose from 7.30% to 7.49%.
- 3Economist Joel Kahn, MBA, stated that at these rates, few homeowners have an incentive to refinance.
So what's the key point?
Interest rates for home loans have risen to 7.49%. As interest rates go up, fewer people are applying for loans.
Source CNBC · View original ↗
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