Mortgage applications decreased 3.9% for the week ending Aug. 13 compared to the week prior and fewer borrowers opted to refinance, according to the latest report from the Mortgage Bankers Association.
Ten-year Treasury yields rose overall but tapered off slightly at the end of last week, and 30-year mortgage rates tracked by the MBA reached 3.06%. That deterred some borrowers from refinancing and contributed to an overall slowdown in mortgage applications.
“Mortgage rates were at their highest levels in around a month, with the 30-year fixed rate increasing above 3% to 3.06%. Mortgage rates followed an overall increase in Treasury details ⇒
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