General World News

As mortgage rates hit a two-decade high, mortgage applications tick down

In the week following the Federal Open Market Committee‘s meeting, mortgage applications sunk.

For the week that ended Sept. 22, mortgage applications fell 1.3% from the prior week, according to data from the Mortgage Bankers Association

Based on the FOMC’s most recent projections, rates are expected to be higher for longer, which has driven Treasury yields to new heights.

Overall applications declined. And the purchase market saw applications down 2% over the prior week and 27% behind last year’s pace. It is still facing details ⇒

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