Last week, the U.S. debt ceiling impasse and the resilient economy led mortgage rates to climb to the highest level in two months. Some indexes show the 30-year fixed rate has reached the 7% mark, which has reduced borrowers’ appetite for home loans.

The latest MBA data published on Wednesday morning shows that mortgage loan applications decreased 4.6% for the week ending May 19 compared to one week earlier. The survey, conducted weekly since 1990, covers over 75% of all U.S. retail residential mortgage applications.

“Investors remained attuned to the uncertainty around the U.S. debt ceiling and details ⇒

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