General World News

Mortgage applications stall with 8% rates

With mortgage rates still hovering around 8%, mortgage applications decreased 1% for the week ending Oct. 20 compared to the week prior, according to weekly mortgage application data from the Mortgage Bankers Association.

“Mortgage activity continued to stall, with applications dipping to the slowest weekly pace since 1995,” Joel Kan, MBA’s vice president and deputy chief economist, said. “These higher mortgage rates are keeping prospective homebuyers out of the market and continue to suppress refinance activity.”

Rates have now risen for seven consecutive weeks, amounting details ⇒

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