General World News

Rising mortgage rates push applications lower

For the second week in a row, mortgage applications decreased – this time, down 4.1% for the week ending Jan. 22, according to data from the Mortgage Bankers Association. The 30-year-fixed rate rose to 2.95%, its highest level since November 2020, according to Joel Kan, MBA associate vice president of economic and industry forecasting.

All other mortgage rates in the survey posted a decline.

“In a sign that borrowers are increasingly more sensitive to higher rates, large declines in government purchase applications and refinance applications pulled overall activity lower,” Kan said. “Purchase applications also details ⇒

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