General World News

Mortgage rate increases push refinance share lower

Mortgage applications increased 0.3% from last week, per the latest report from the Mortgage Bankers Association for the week ending Oct. 22, 2021.

With two consecutive weeks of mortgage rates over 3%, refinances continued to retreat. The refinance share of mortgage activity decreased to 62.2% of total applications, down from 63.3% the week prior. The refinance index was down 2% from the week prior, a staggering 26% lower than it was the same week last year.

“Mortgage rates increased again last week, as the 30-year fixed rate reached 3.30% and the 15-year fixed rate rose to 2.59% – details ⇒

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