Higher mortgage rates caused by the debt ceiling drama and resilient inflation reduced demand for home loans last week, affecting the already depressed refinancings in particular, according to the latest Mortgage Bankers Association (MBA) data.
The trade group’s market composite Index declined 3.7% on a seasonally adjusted basis for the week ending May 26 compared to one week earlier. The survey, conducted weekly since 1990, covers over 75% of all U.S. retail residential mortgage applications.
On the one hand, the federal government debt limit impasse brought volatility to markets last week, increasing mortgage rates to details ⇒
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