General World News

Mortgage applications slump as rates return above 7%

Mortgage demand continued its downward trajectory last week as interest rates moved back above 7%.

Mortgage applications decreased by 10.6% on a seasonally adjusted basis during the week ending Feb. 16, according to the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey.

A stronger-than-expected inflation reading sent mortgage rates back north of 7% and also lowered the possibility of a near-term rate cut by the Federal Reserve, according to Mike Fratantoni, MBA’s senior vice president and chief economist. 

“Mortgage applications dropped [as a result] with a larger decline in refinance applications,” details ⇒

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