General World News

Mortgage applications dip as home prices climb

Mortgage applications decreased for the third straight week – this time down 2.5%, according to the latest report from the Mortgage Bankers Association.

Refinance activity dropped to its slowest pace since September 2020 – down a full 5% – with declines in both conventional and government applications, according to Joel Kan, MBA’s associate vice president of economic and industry forecasting. He added that mortgage rates have moved higher in tandem with Treasury yields.

“Inadequate housing inventory continues to put upward pressure on home prices,” Kan said. “As both home-price growth and mortgage rates continue this upward trend, details ⇒

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