Mortgage Refinancing Down More Than 20% as Interest Rates Rise
The low mortgage rates were short-lived
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- Written by Banking Exchange staff
As the average fixed rate mortgages for conforming loans grew to 6.46%, refinancing applications fell by 21% despite a year-over-year gain.
Applications for new home purchases, however, only dropped by 1% for the week.
The pull pack was expected after mortgage rates hit a 30-month low less than two weeks ago.
The low mortgage rates were short-lived.
Refinancing for the week decreased by 5% in terms of the overall percentage of loan applications.
Tagged under Lending; Interest Rates; Mortgage Credit; Feature; Mortgage; Feature3;