Mortgage applications have tumbled by 17%, reflecting the significant impact of rising mortgage rates on buyer sentiment and refinancing behavior in the current market.
The refinance index experienced a dramatic decline of 26% compared to the previous week, although it remains 111% higher than the same week last year, indicating a volatile market.
Mortgage rates, especially for the 30-year fixed loan, rose to 6.52%, marking their highest level since August, which has discouraged potential homeowners from applying.
According to Joel Kan from the MBA, this surge in mortgage rates has notably affected refinancing activities, driving the refinance share below 50% for the first time in a month.
Collection
[
|
...
]