Mortgage rates rise to an 8-month high, tanking refinance demand
“The increase in rates triggered the fifth straight decrease in refinance activity to the slowest weekly pace since January 2020. Higher rates continue to reduce borrowers’ incentive to refinance,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting, in a release. Mortgage applications to purchase a home increased 4% for the week but were 9%… Read More »