Mortgage application activity dropped 6.3% for the week ending Oct. 15, according to the latest Mortgage Bankers Association survey. And, as you might have guessed, mortgage rates had a lot to do with it.
“Refinance applications declined for the fourth week as rates increased, bringing the refinance index to its lowest level since July 2021,” Joel Kan, the MBA’s associate vice president of economic and industry forecasting, said in a statement. “The 30-year fixed rate has increased 20 basis points over the past month and reached 3.23% last week – the highest since April 2021. The 15-year fixed rate increased to details ⇒
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