General World News

Mortgage applications drop for second week

As mortgage rates come off of their historic lows, mortgage applications dropped for the second week, according to data from the Mortgage Bankers Association.

Mortgage applications dropped 5.1% for the week ending Feb. 12, after falling 4.1% the week prior. Notably, the refinance share of activity dropped to 69.3%, the first time it’s been below 70% since October.

“Expectations of faster economic growth and inflation continue to push Treasury yields and mortgage rates higher. Since hitting a survey low in December, the 30-year fixed rate has slowly risen, and last week climbed to its highest level since November 2020,” said details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com